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Trade group wants to reduce trade barriers, improve investment climate

WASHINGTON, DC – 11/16/07 – A new, private sector initiative has been launched to deepen two-way trade and investment between the US and India.

Crafted by the US-India Business Council (USIBC), the comprehensive initiative will focus on developing ways to lower trade barriers and create “substantial market opening arrangements designed to bring broadly inclusive growth to both countries,” according to USIBC President Ron Somers.

The effort, he added, “seeks to change the paradigm on US-India trade and develop broad-based support in both countries for a robust trade and investment relationship appropriate for these dynamic economies and strategic partners.”

Somers also serves as a member of the recently-formed Private Sector Advisory Group (PSAG), a small group of global trade experts and business leaders from both India and the US which was created to advise US Trade Representative (USTR) Susan Schwab and Indian Commerce Minister Kamal Nath on ways to move the bilateral trade relationship forward.

The new initiative comes as a result of the September meeting in New York City of the PSAG, which was attended by both Schwab and Nath.

"The US-India economic partnership is the strongest it has ever been, and trade has played a vital role in that development," said Schwab.

“I look forward to taking on board the Private Sector Advisory Group's recommendations for intensifying trade and investment flows in coming years," he said.

According to a statement issued by the USIBC, the group has selected the Washington, DC-based international law firm of Steptoe & Johnson LLP to assist in developing and advancing the initiative.

The firm's top-ranked international trade practice has extensive experience on US-India trade matters.

Former Deputy USTR Susan Esserman chairs the law firm's International Department and will lead the Steptoe team.

Two-way trade between the US and India amounted to over $26 billion in 2005, the latest year for which statistics are available. Annual US exports to India have more than doubled since 2000, while imports from India to the US are up 75%.

The value of US direct investment in India has also surged, climbing from $2.4 billion in 2001 to $8.5 billion in 2006.

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