Friday, March 14, 2008
Indo-US trade expanding, challenges remain: Report
The private sector companies in the US and India are aggressively pursuing "significant opportunities" for bilateral trade, but there are challenges that American investors continue to face as India opens its markets, the Bush Administration has said. "Commensurate with India's dynamic and growing economy, the bilateral agenda continued to expand with respect to the significant opportunities for bilateral trade that the US and Indian companies are aggressively pursuing, as well as the challenges US investors continue to face as India gradually opens its markets," the Office of the US Trade Representative (USTR) said in its annual report.
The two countries completed another year of active dialogue on trade policy in 2007, it said adding, USTR's efforts included the identification of new areas for cooperation, including with regard to India's tariff and tax regime, intellectual property rights, investment climate and "regulatory hurdles". "India continues to limit market access in various sectors, including through high taxes and tariffs, non-transparent procedures, discriminatory treatment of imports, and non-tariff barriers," the USTR maintained. The administration also made the point that India is working to improve its protection and enforcement of intellectual property rights. "We continue to work with the government of India to address issues related to India's copyright law and patent law, protection of undisclosed pharmaceutical test or other data, as well as high levels of piracy, including book piracy, and counterfeiting," the USTR said.