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US Commerce Secretary Carlos Gutierrez has said that with the signing of the historic and landmark US-India civilian nuclear deal it is now imperative that India move quickly to enact nuclear liability protection to envisage the private sector of both countries to engage in business.
Speaking at the inaugural 'Green India' Summit launched by the US-India Business Council in partnership with the Confederation of Indian Industry, Gutierrez said, "US companies are eager to contribute to India's developing nuclear power sector. However, private sector firms in both the United States and India require nuclear liability protection in order to do business."
Thus, he exhorted the government of India to "draft and ratify domestic law consistent with the Convention of Supplementary Compensation for Nuclear Damage," and asserted, "That's a very important next step to get on to implementation."
Gutierrez also announced that the largest-ever civil nuclear trade mission to India in December led by the USIBC. "I am pleased to announce that the Commerce Department has certified the USIBC for its civil nuclear trade mission to India this coming December," he said.
Gutierrez said the nuclear deal "was a huge accomplishment," and predicted that this would be the legacy for the USIBC, President Bush, Secretary of State Condoleezza Rice "and the members of Prime Minister (Manmohan) Singh's administration. This is a huge undertaking."
"The United States will gain access to a growing market for civilian nuclear technology. So truly an agreement that has benefits on both sides," he said.
Gutierrez reiterated Bush's pledge during the signing of the legislation to facilitate the 123 Agreement on October 8 that "India will have a reliable fuel supply for its civilian reactors, which will help fuel and meet its energy demands and reduce dependence on fossil fuels."
The Commerce Secretary said that US-India bilateral trade in 2007 was nearly $42 billion "and that's up 55 per cent from 2005. Sales of nuclear and other clean energy technologies such as wind energy, biomassÂ…present opportunities that will yield even more business together."
"As big as out two-way trade is, we believe we are just getting started," he added, and noted that USIBC president Ron Somers had projected more than $150 billion worth of business between US and Indian companies over the next 30 years because of the nuclear deal. "So, again, we are talking about something that will get even bigger over time."
Gutierrez said, "India will need to expand its primary energy supply by at least three times and its electricity supply by five times of current consumption to sustain economic growth."
"US companies produce world class clean energy technologies and the US is committed to be India's partner to providing clean sustainable energy," he said.
Gutierrez urge the Government of India to continue "working cooperatively to target the environmental goods for trade liberalization," and argued that "at a time when we can be helping the world to access clean energy to reduce carbon dioxide emissions, there is too much protectionism against clean energy technologies throughout the world and we believe that India could set a great example for countries all over."
He said that "More than ever, at this point of time, especially now, trade is critical. Trade in our economy is the bright spot. The reason we grew in the second quarter, because of net trade added and most of our GDP growth and trade will continue to be the bright spot in our economy over the long haul."
Gutierrez acknowledged, "We may have some bumps in the road, but over time, long-term trade will continue to add jobs and to growth and prosperity to our country and to countries throughout the world."
"So, during challenging economic times, we think the very best thing that countries can do is stay open -- open up even more, attract foreign investment, and trade. The last thing a country should so today is to begin to isolate themselves."