Post US-India Strategic Dialogue, USIBC Launches Coalition for Jobs and Growth

USIBC Chairman Ajay Banga (L), President and CEO, MasterCard Worldwide, and USIBC President Ron Somers/Credit: Photo by Ian Wagreich

Must read

Washington – The first positive action to follow the recently concluded US-India Strategic Dialogue came on Monday with the US-India Business Council (USIBC) announcement of a major effort to promote the negotiation and ratification of a high standard US-India Bilateral Investment Treaty (BIT), according to USIBC.

Terming a US-India Bilateral Investment Treaty as “truly the ‘next hill to climb’ in the strategic partnership,” USIBC President Ron Somers said, “The BIT will engender greater cooperation and collaboration, protect and promote foreign investment, and ultimately lead to economic growth and job creation in both countries.”

Somers stressed the role of USIBC saying, “USIBC, through the Coalition for Jobs and Growth, is committed to informing negotiations and pushing forward on eventual ratification of a robust treaty.”

USIBC in its statement said, “USIBC’s Coalition for Jobs and Growth will serve as the organizing body to provide input to US negotiators and to promote support and understanding of the importance of a US-India BIT and its ultimate ratification by the US Senate.”

Co-chaired by Ambassador Susan G. Esserman, member of USIBC’s prestigious Board of Directors, former Deputy US Trade Representative and currently Partner at Steptoe & Johnson, USIBC noted the coalition would continue the work begun by USIBC’s Trade and Investment Initiative in 2007.

USIBC reiterated the importance of the initiative as it will “leverage the collective strength of industry, academic experts and the Indian American community to make sure this critical agreement is completed and ratified.”

The two democracies have been negotiating the BIT since 2008 to not only provide protection from arbitrary, discriminatory or confiscatory foreign government measures, but also to foster a welcoming environment for capital inflows and serve as the foundation for investor confidence around the world.

India has more than 70 such agreements in force, while the US is party to more than 40 BITs worldwide. (IATNS) 

More articles

Latest article