 | « Back to article | Print this article |
"We want to trade even more," US President Barack Obama said on Sunday as the two-way commerce between America and India touched a record $100 billion.
"In the last few years, trade between our two countries increased by some 60 per cent, total record of $100 billion. We want to trade even more," he said at a joint press conference with Prime Minister Narendra Modi.
Obama, who is on a three-day visit, also welcomed the economic reforms being pursued by the government.
"...(we) welcome the reforms that the Prime Minister is pursuing to make it easier to do business here in India," he said, adding the trade and economic partnership must focus on improving the daily lives of "our people".
"Prime Minister Modi describes for me his ambitious efforts to empower more Indians with bank accounts and to ensure clean water, clean air of Indian people and we want to be partners in these efforts," Obama said.
He also said the two sides have agreed to resume discussions on the Bilateral Investment Treaty. The proposed pact is aimed at protecting investments between the two nations.
The Modi-government, which assumed power in May 2014, has taken a slew of measures to attract foreign investments, including further liberalisation of FDI norms in the defence and insurance sectors.
The government is also taking steps toward making in easier to do business in India.