NEW DELHI (PTI): US Ambassador in India, Thomas Pickering, has predicted significant increase in Indus trade and flow of US investment and technology to India in the coming years despite different views held by the two countries on issues such as the Nonproliferation Treaty (NPT) and Intellectual Property Rights (IPR).

Giving an overview of Indus relations at 4 meeting organized by the associated chambers of commerce and industry of India (ASSOCHAM) the Ambassador said the prospects of more cordial political and economic relations have brightened in view of India’s commitment to globalize its economy. Pickering suggested that India should complete the process of liberalization as fast as possible, opt for full convertibility of Rupee, and reduce import duty and speedily clear proposals for participation of foreign concerns in power and other sectors.

Indian bureaucracy, in his view, should not only promote but support the liberalization process.

The US Ambassador stressed the need for resolving issues such as Intellectual Property Rights (IPR) and Multi-Fiber Agreement (MPA), in which India was vitally conceded through multilateral mechanism of GATT.

He also suggested evolving of international environment code to prevent countries imposing unilateral import restrictions on environmental grounds. The ASSOCHAM President, N.M.Dhuldhoya speaking at the meeting said USA had been India’s largest trading partner and an import source of investment and technology.

He suggested Indus collaboration in areas such as biotechnology, food processing, electronics, petrochemicals, and power generation and information technology. Pickering, who will be leaving India shortly to take up ambassadorial assignment to the Russian federation, said the international community had reacted favorable to Indian economic reforms.

This was evident from the recent visits of high dignitaries from U K, Spain, the Russian federation and Germany. He said he has no doubt that the congenial environment now created would facilitate US investment in India in a big way.

Article extracted from this publication >>  March 5, 1993