Timothy Geithner, the US Treasury Secretary, will embark on his first India trip next week and is slated to discuss financial investment, economic stability and infrastructure development with Indian officials. He will meet Prime Minster Manmohan Singh and also attend the first meeting of the Indo-US economic panel.
Mr. Geithner’s visit is part of the US effort to improve ties with India, the emerging economic power in the region. The Treasury Secretary will be accompanied by the vice-chairman of the Federal Reserve, Donald Kohn and other senior US officials.
The visit is expected to be mutually beneficial. The US delegation may put forth suggestions for opening the Indian economy further for foreign investment. The trade volume between the two countries has almost doubled in the past five years. President Obama had earlier stated that broadening of economic ties between India and the US will be helpful for both economies in overcoming the aftereffects of recession and in creating job opportunities in both countries.
Mr. Geithner will start a new bilateral economic dialogue during the two day visit. The dialogue program between the two countries was announced during Prime Minister’s Washington visit last November. Incidentally, Mr. Singh was honored during the visit by the Obama administration with its first state dinner.
The new bilateral economic discussion is similar to the one the US has with China. However, the ambit of the talks will be limited, as certain areas such as the civilian nuclear energy pact, strategic diplomatic component, specific trade barriers and policies are not included.
The bilateral talks will concentrate on identifying opportunities and aiding US companies to boost its export to India. With India focusing on infrastructure development to help accelerate its economic growth, the talks will explore possibilities in this sector.
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