Integration of SME’S in Global Supply Chain to Create New Opportunities: Anand Sharma India-US Technology Trade Agreement Proposes to Improve Logistics Infrastructure & Services in India

Press Information Bureau
Government of India
Ministry of Commerce & Industry

20-April-2011 18:17 IST

Integration of SME’S in Global Supply Chain to Create New Opportunities: Anand Sharma India-US Technology Trade Agreement Proposes to Improve Logistics Infrastructure & Services in India

Shri Anand Sharma, Union Minister for Commerce & Industry, in a bilateral meeting with Senators of different US province to name Mr. Mitch McConnell, Senator, United States (R-Kentucky), Mr. Thomas Carpet, Mr. Mike Johanns, Mr. Zerry Moran, Mr. Robert Portman, and Mr. John Hoeven, here today. The Minister expressed optimism over the growing trade and investment relations between the two countries. Shri Sharma during the bilateral meeting stated that, “The two countries have launched an initiative of integrating U.S. and Indian SMEs in the Global Supply Chain, which would create new opportunities for U.S. and Indian SMEs. This in turn will help the large firms in the dynamic U.S.-India commercial relationship through greater public awareness, enhanced public-private collaboration, and a sharper focus on the benefits of large company and SME collaboration”.

Shri Sharma appreciated the development of the India-US Trade policy Forum (TPF), the arrangement between the two Governments to discuss trade and investment issues. The TPF is co-chaired by Minister of Commerce & Industry, Government of India and United States Trade Representative. The issues and concerns are discussed under five Focus Groups – Agriculture, Tariff and Non Tariff Barriers, Services, Innovation and Creativity, Investment. He told the senators that, India and USA have signed a Framework for Cooperation in Trade and Investment. The Framework aims at facilitating trade and investment flows between the two countries, developing and implementing trade policies through transparent procedures that comply with international obligations, foster an environment conducive to technological collaboration and innovation and promote inclusive economic growth and job creation in the United States and India. Under the framework, the chairs of India US TPF will convene the ministerial level Trade Policy Forum each year for a review of the work undertaken by the Focus Groups. The Deputy Chairs will meet at least twice each year to review the work of the Focus Groups, identify possible new initiatives, address problems that may arise, and prepare for the annual Trade Policy Forum meeting. Each Focus Group will consult as often as necessary but no less than twice per year, to advance their work.

Both the countries have agreed to work upon the India-US Technology Trade Agreement Proposal on Improving Logistics Infrastructure and Services in India -Stimulating contribution by the US private sector Proposal on Delivering Urban Infrastructure in India: Avenues for Indo-US participation. The India US Commercial Dialogue was signed on March 23, 2000 and is an institutional arrangement between US and Department of Commerce aimed at facilitating trade and maximizing investment opportunities across a broad range of economic sectors, including IT, infrastructure, biotechnology and services. Shri Sharma observed that, “ While renewing the dialogue in 2010, India has placed greater emphasis on investment opportunities in both countries especially in manufacturing and in areas of high technology, emerging technologies and collaborative research”.

India’s export to US in 2010-11 (up to December 2010) US $17,629.72 million and export growth was to the tune of 27.9%. Imports for the same period is to the tune of US $ 13,106.98 million. Import registers the growth of -1.80 %, during the same period. Major items of export from India includes: Gems & Jeweller, Cotton, Drugs, Pharmaceuticals & Fine Chemicals, Machinery & Instruments. Major commodities imported from the US includes: Transport Equipments (Including Aircraft, Spacecraft and parts thereof), Machinery, Electronic Goods, Fertiliser, Pearls Precious Semi-precious Stones, Professional Instruments, Chemical Material & Products and Plastic Materials.

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DS/GK