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India, US agree to cut key trade barriers

Addressing a joint conference with US President Barack Obama, Prime Minister Manmohan Singh said on Monday that India welcomes increased US investment in high technology flow, including nuclear energy.

Indian investments, he added, helped increase competitiveness of the US economy.

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India, US agree to cut key trade barriers

Stating that both India and the US have agreed to reduce key trade barriers and protection, President Obama said trade deals signed in Mumbai were important steps to elevating India as key US trade partner.

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India, US agree to cut key trade barriers

Two initiatives to harness technology - to build on green revolution and food security were also discussed, the President added.

The prime minister said that India needs strong, resurgent and robust economic growth rate to deal with problems like poverty, disease afflicting millions.

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India, US agree to cut key trade barriers

Welcoming American investments, the prime minister said for growth to happen India needs investments of $1 trillion in infrastructure in the next 5 years.

Seemingly attacking China, Obama said United States can't live in a condition where some countries are maintaining massive trade surpluses. India, he said, has been part of solution, not the problem.

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India, US agree to cut key trade barriers

Efforts, he said, would be on to make 9-10 per cent economic growth sustainable over the next three decades.

India welcomes US decision to lift export control on dual-use technology, the prime minister added.