NEWS

WIRES

OTHER

USIBC Hosts 7th U.S.-India High Technology Cooperation Group Summit

The HTCG Summit provided a day-long opportunity for Indian and U.S. Industry to interact, identify market barriers, and highlight opportunities in high-tech areas such as Defense/Strategic Trade, Civil Nuclear Cooperation, Biotechnology, Nanotechnology and Civil Aviation. The findings of these private sector interactions were presented to the U.S. Department of Commerce, Bureau of Industrial Security, and India's Ministry of External Affairs to inform the bilateral discussions between the Government of India and U.S. Government scheduled to take place tomorrow, March 16. Indian Foreign Secretary Nirupama Rao was chief guest and presided over the day's event at the U.S. Chamber of Commerce.

"When we think back to the progress already made between our nations in the area of high technology cooperation - from the manner in which our navies supported one another following the Tsunami of 2004, in the way we collaboratively embraced civil nuclear cooperation, pioneered the U.S.-India Open Skies Agreement, and participated in India's first, successful launch to the moon, Chandrayaan I, which included NASA and Raytheon technology - we can only be optimistic looking ahead along our line of sight for 2010, when President Barack Obama travels to India," said Ron Somers, President of the U.S. - India Business Council.

Somers added: "If we think of our common challenges and our common goals, the United States and India stand united on issues concerning regional security, energy security, food security, fighting disease as well as the scourge of terrorism, promoting aviation safety and the security of our Open Skies, and providing education and the tools for uplifting our fellow man. In every one of these instances, high technology cooperation will play a constructive role in providing the solutions to meet these challenges and in achieving these noble goals," Somers said.

Building on the successful state visit of Prime Minister Manmohan Singh in November 2009, the HTCG working groups identified specific barriers that continue to hamper high-technology trade as well as acknowledged the growing scope for collaboration. The Summit also provided a unique opportunity for business leaders to hear from key U.S. and Indian policy makers, including Indian Foreign Secretary Nirupama Rao and Deputy Assistant to the President of the United States, Michael Froman.

Foreign Secretary Rao spoke about the need for further streamlining of U.S. Export Controls. Assistant Secretary of Commerce Kevin Wolf presented an update on export control issues affecting U.S. - India trade. Michael Froman, Deputy Assistant to the President, underscored the importance of the U.S.-India relationship, saying: "There is no other bilateral relationship as important as the U.S.-India relationship."

The U.S.-India High Technology Cooperation Group (HTCG) was conceived in November 2001 by President George W. Bush and then-Indian Prime Minister Atal Bihari Vajpayee. Both countries agreed to take cooperative steps to create the requisite political, economic, and legal structures to enable successful high-technology commerce. Since the HTCG's inception, dual use exports requiring licenses for U.S.-India trade have dropped from 40% to just .3% - demonstrating the commitment of both countries to engender a relationship based on trust, predictability, transparency, and robust high technology engagement.

The U.S.-India Business Council (USIBC), formed in 1975 under the aegis of the U.S. Chamber of Commerce, is the premier business advocacy organization representing over 340 of the largest U.S. companies investing in India, joined by global Indian companies, whose mandate is to deepen U.S.-India commercial ties.

www.usibc.com

U.S.-India Business Council (USIBC)
Larry Navin, 202-463-3146
lnavin@uschamber.com