"... in any mature relationship, there will be irritants.
There will be conflicts. But the key is not to focus on any
specific conflict or irritant but how we manage those and how
we take advantage of that opportunity," US Under Secretary of
Commerce for International Trade Francisco Sanchez said on the
sidelines of an AMCHAM meeting here.
In a move that augured well for India, Senate Republicans
blocked the passage of an anti-outsourcing bill that denied
tax breaks to the US companies which move jobs overseas,
dealing a blow for President Barack Obama.
Sanchez said the US wants increased commercial engagement
with India. "Quite frankly, we want to see more Indian
companies invest in the US and we know that foreign direct
investment is also like trade, a two-way street," he said.
Sanchez would conclude his three-day India visit today.
He said protectionism is not good for any country which,
"President Obama knows better than anyone in our country".
Sanchez said the US market is "most open market in the world".
"But the key is not to focus on any specific conflict or
irritant but how we manage those and how we take advantage of
that opportunity," Sanchez said.
Of India's USD 50 billion IT and ITES exports, the US
accounts for about 60 per cent. Besides, the bilateral
merchandise trade was USD 36.5 billion in 2009-10.
As part of President Obama's National Export Initiative
-- with the goal of doubling exports in the next five years --
US Department of Commerce's International Trade Administration
has targeted India as one of the most promising global
New Delhi: A day after Senate Republicans
blocked passage of an anti-outsourcing bill, Democrat-led US
today made a conciliatory tone, stating the issue, which was
an "irritant" in bilateral ties with India, can be "managed".
First Published: Wednesday, September 29, 2010, 19:50