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Ambani suggests India-US free trade pact

Chairman of Reliance Industries Mukesh Ambani has suggested that India and the United States should enter into a free trade agreement similar to the North American Free Trade Agreement or NAFTA to enable both to derive benefits from economic cooperation.

The agreement, he said, should allow freer exchange of technology, labour and intellectual property rights.

Talking about the benefits of close economic cooperation, he said, "it would lower costs for the United States and create better opportunities in India".

Speaking at the 'Wharton India Economic Forum', he also stressed the importance of the two countries joining in mutually beneficial partnerships in energy, life sciences, telecommunications and agriculture.

India, he said, could provide skilled professionals to meet the shortfall in the United States and also help in reducing costs in the healthcare sector as it has well trained physicians. The two could also cooperate in developing drugs.

Another area of cooperation, he stressed, is the energy sector especially as India has a large unexplored territory.

Stressing that India is emerging as the back office of the world, Ambani spoke about the benefits of the English speaking skilled workforce in India, which could help reduce costs in the communications sector.

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