The US-India Economic Partnership – a 21st Century Partnership Built on Innovation and Collaboration.
Guest blog by Michael Camuñez, Assistant Secretary of Commerce for Market Access and Compliance.
President Obama has observed that “The relationship between the United States and India-- bound by our shared interests and values -- will be one of the defining partnerships of the 21st century.”
This week, my first trip to India has focused on deepening the economic and trade dimensions of our bilateral partnership. I began in Mumbai, passed through Bangalore, and ended in Delhi.
The stunning growth of the Indian economy is well known. India has embraced global trade and competition, cutting its top applied tariff rates on industrial goods from more than 100% before liberalization to about 10-12% currently. Today, annual growth rates in excess of eight percent percent have become commonplace.
As part of this story, the US-India partnership has been hard at work, with great success. The United States is the largest source of foreign investment in India. In 2009, total U.S. FDI in India was $18.6 billion, up 12 percent from 2008.
American corporations who’ve set up shop in India are partnering with leading local companies and professionals to do great things.