U.S. urges India to be more transparent to boost trade
WASHINGTON (Reuters) - U.S. Commerce Secretary John Bryson said on Thursday India had to be more transparent and accountable as the United States tries to bolster trade and investment with the south Asian country.
"We still have challenges in regards to transparency, accountability and openness in India," Bryson said at an event in Washington after taking 16 U.S. businesses to India to invest in the country's massive infrastructure plan.
India wants the private sector to invest billions of dollars in infrastructure over the next five years. The United States wants a piece of the action and is encouraging domestic companies to invest in sectors such as road building, railways and energy.
Bryson said the United States still had concerns with everything from high tariffs and intellectual property to forced local sourcing in technology and electronics.
"It's clear that we still have hurdles to overcome but after this trade mission I believe more than ever that we can indeed overcome them," he said.
U.S. exports to India have increased to more than $21 billion in 2011 from less than $4 billion in 2001, according to the Commerce Department.
(Reporting by Rachelle Younglai; Editing by James Dalgleish)
- Tweet this
- Share this
- Digg this
Trending On Reuters
The government sold a 10 percent stake in state-run behemoth Coal India on Friday, in a bumper sale which saw demand from institutional investors marginally exceed supply, giving a welcome boost to the government's faltering divestment drive. Full Article