Industry & Economy
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Foreign Trade
Indo-US meet to boost high-tech trade
Our Bureau
New Delhi
,
Nov. 24
TOP US and Indian Government officials and technology industry leaders are to discuss strategies to boost bilateral trade during the meeting of the High-Tech Cooperation Group (HTCG) to be held in New Delhi on November 30 and December 1.
The major areas of focus are defence, information, bio- and nano-technology.
The US Under-Secretary of Commerce, Mr David McCormick, who is leading the US delegation, said the HTCG and parallel trade dialogues have had a tremendous impact on bilateral trade over the last three years.
He said that total US exports to India have nearly doubled from $4 billion to $7.5 billion over the period.
The US Under-Secretary added that the time required for companies to receive export licences for dual-use technologies has dropped by 40-50 per cent over the period.
While the approval rate on those licences has climbed to 91 per cent.
This, he said, was comparable to the approval rates enjoyed by the US' closest allies.
The HTCG was founded in November 2002 to advance dialogue on the reduction of trade barriers for high-tech products and services, while strengthening non-proliferation measures to prevent sensitive technologies from falling into wrong hands.
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