Enhancing the U.S.- India Economic Dialogue

The significance for each country of the U.S.-Indian economic partnership cannot be overstated. Extending beyond trade, which is rapidly growing, the intensifying and increasingly complex economic links being forged between our two countries are having a profound impact on our joint and respective economic outlook in the 21st century. In recognition of that fact and to provide a useful context, the governments of the United States and India agreed to energize our wide-ranging Economic Dialogue (ED) covering key sectors in our economic partnership. The Co-conveners of the Economic Dialogue are Assistant to the President for Economic Policy and Director of the National Economic Council Allan Hubbard (U.S.) and Deputy, Planning Commission Dr. Montek Singh Ahluwalia (India).

The Economic Dialogue, created in 2000 and revised in 2001, was realigned this year to create a separate Energy Dialogue. The Economic Dialogue has four tracks: the Trade Policy Forum, the Financial and Economic Forum, the Environment Dialogue and the Commercial Dialogue. Each of these tracks is led by the respective U.S. agency and Indian ministry. The Economic Dialogue has two cross-cutting themes in biotechnology and information technology. The IT theme is now expanded to become the Information and Communications Technology Working Group (ICT Working Group).

Both our governments have agreed that we should create a high-level private sector forum to exchange business community views on key economic priorities. Input from the business community is an integral component of a successful bilateral economic dialogue. To harness that input, the United States and India have established a CEO Forum, composed of 10 chief executives from each country. The chief executive officers represent a cross-section of industrial sectors, particularly those that have a stake in improving the commercial climate between our two countries. This will also serve as a channel to provide senior-level private sector input into discussions and formulation of economic policy. Their input will help the United States and India make progress on key issues that will enhance economic growth and job creation and promote bilateral trade and investment by harnessing the energy and expertise of private sector leaders.