U.S. Treasury Secretary Discussed Economy and Trade Barriers with India

U.S. Treasury Secretary Timothy F. Geithner and Indian Finance Minister P.Chidambaram for the third annual meeting of the India-U.S. Economic and Financial Partnership on 9 October 2012 discussed lowering trade barriers and extending ways to expand capital markets.

Both the countries agreed to deepen cooperation at various multilateral forums, including the G20 and discussed ways to remove trade and investment barriers.

Timothy F. Geithner welcomed the economic reform measures announced by the Indian government recently by saying that it would help in boosting private investment.

He also asserted that India and US have agreed on the importance improving coordination on bilateral tax matters including with respect to the tax treaty and Implementation of  the Foreign Account tax Compliance Act (FATCA) to address offshore tax evasion.

Both the countries US and India recognize the great potential benefit from working together to meet the challenges of a shared future to generate jobs, sustain growth, and help ensure macroeconomic stability. The growing trade and investment between two countries across a wide range of products, services, and technology is a sign of commitment to build relationship on a solid foundation that utilizes mutual strengths