India, US agree on trade pact framework

NEW DELHI: India and the US on Monday agreed on a framework to promote trade and investment and hoped to sign an agreement soon, even as US Trade Representative Ron Kirk pressed for further opening up of India���s services sector, especially the financial market.

���The two governments agreed to work together on a framework for promoting real and meaningful cooperation in trade and investment,��� a joint statement issued after the sixth ministerial meeting of the bilateral Trade Policy Forum (TPF) said.

After his meeting with Kirk, commerce minister Anand Sharma said he hoped the agreement would be signed soon. Sharma said India and the US had also agreed to sign agreements on intellectual property rights and sharing of traditional knowledge digital library.

The two sides also agreed to work together to support greater involvement by small and medium enterprises in each other���s markets, and to pursue initiatives in the future development of India���s infrastructure, and collaboration on clean energy and environmental services and other sectors.

Pitching for greater access to the Indian services sector, Kirk hoped India would further strengthen its IPR regime. ���The US has long sought greater access to the Indian market in the financial services and goods and services market and a number of areas in which there are no differences,��� he told reporters.

He also said the issue of H1-B visas for Indian professionals did figure in his discussions. ���The US administration is working with (US) Congress to see if we can resolve these outstanding concerns related with the H1-B visas.���

Officials of the two countries will meet twice a year to complete the remaining task of the TPF, formed in 2005 to discuss trade and investment issues. Kirk termed the TPF meeting as ���productive��� and said the two governments agreed on a framework for ���promoting real and meaningful cooperation��� in trade and investment.