US Treasury`s Geithner to travel to India April 6-7

Last Updated: Friday, March 5, 2010 - 08:29

Washington: US Treasury Secretary Tim Geithner would visit India next month with the prime objective of launching an economic and financial partnership.

"The newly-formed partnership aims to strengthen bilateral engagement and understanding on macroeconomic, financial sector and infrastructure-related issues," the
Treasury Department said in a statement.

This would be the first visit of Geithner to India as the Treasury Secretary, who had spent his childhood in Mumbai.

The two-day trip starting on April 6 would take Geithner to New Delhi and Mumbai.

Besides launching the US-India Economic and Financial Partnership in New Delhi on April 6, the treasury secretary is scheduled to meet Indian and American business leaders in Mumbai on April 7.

The US-India Economic and Financial Partnership, the formation of which was announced during the State visit of Prime Minister Manmohan Singh in November last year, will serve as a platform for greater cooperation on economic issues of importance to both nations, an official release said.

Both countries recognise the importance of expanding bilateral economic engagement, noting the rapid growth of US-India economic ties and the increasing range of global
macroeconomic and financial issues on which the United States and India cooperate, it said.

"The partnership will focus on three broad areas for discussion - macroeconomic policy, the financial sector and infrastructure financing - and will meet at the cabinet level, alternately in the United States and India, led by Geithner and Finance Minister Pranab Mukherjee.

Working group meetings will be held throughout the year to advance discussions on specific economic areas," the statement said.

"India is an emerging global power and a country with which the United States has an increasingly important economic and financial relationship," Geithner had said in a statement on November 24, after he and Mukherjee announced the formation of the partnership following the meeting between the Prime Minister and US President Barack Obama at the White House.

"I look forward to working closely with my Indian counterparts through the Partnership to advance cooperation on the growing number of economic issues of interest to our two
nations," Geithner said.

The Economic and Financial Partnership is a significant elevation of existing bilateral and multilateral economic dialogue between the United States and India, and
will serve as a platform for greater cooperation on economic issues of importance to both nations.

The partnership, according to the statement, will focus on three broad areas for discussion – macroeconomic policy, the financial sector, and investment development, and will meet at the Cabinet level once a year, alternately in the United States and India, led by Geithner and Mukherjee.

Working group and sub-cabinet level meetings will be held throughout the year to advance discussions on specific economic policy areas.

PTI



First Published: Friday, March 5, 2010 - 08:29

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