Financial Daily from THE HINDU group of publications
Saturday, Mar 04, 2006
Financial Daily from THE HINDU group of publications Saturday, Mar 04, 2006 |
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Foreign Direct Investment Industry & Economy - Foreign Trade Agri-Biz & Commodities - Research & Development Government - Foreign Relations Bush wants FDI caps to go Our Bureau
Bush talk The US President calls for greater market access. The nuclear agreement will help India by "taking the pressure off the price of fossil fuel." "India has responsibilities... It needs to lift caps in FDI". "Free trade is good for India, good for America, and good for the world." India is a "compelling example" for new democracies
New Delhi , March 3 The US today again sought lifting of FDI caps, transparency, and greater market access for its goods. Speaking at the Purana Qila, the US President, Mr George W. Bush, said: "India has responsibilities... It needs to lift caps in FDI, make rules more transparent, and open the markets to agricultural goods and other consumer products." While referring to the backlash and loss of jobs in the US due to outsourcing, he said that he was not in favour of creating walls through protectionist policies. Instead, his Government has been trying to help people acquire new skills. The two countries would work together in successful completion of the Doha work programme by the end of the year. The US has been pushing for obtaining agreements on services and agriculture. On the energy front, Mr Bush said that the nuclear agreement would help India by "taking the pressure off the price of fossil fuel." He also called for closer co-operation in agricultural research. A $100-million agri-knowledge initiative for conducting joint research in farming technology was announced. A $30-million science and technology commission for joint research in biotechnology would also be put in place. Mr Bush said that India and the US could work together to expand prosperity and opportunity. "Free trade is good for India, good for America, and good for the world." Healthcare was another area where the two countries are expected to work together. The US would partner India in combating HIV/AIDS and tackling diseases such as avian flu, malaria, tuberculosis, and polio. Lauding India's vibrant democracy, the US President said that the country was a "compelling example" for new democracies and its "leadership is required in a world that is hungry for freedom." The two countries could join hands in fighting terrorism across the world, he added. Stating that the relationship between India and the US was "closer than ever before," Mr Bush said that it has the power to transform the world. In his praise for young Indian talent, Mr Bush applauded the efforts of astronaut Kalpana Chawla, who was killed in the Columbia space shuttle crash five years ago. He also remembered that Hyderabad is the hometown of tennis pro Sania Mirza. Bollywood, too, found a mention in his speech.
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