Discussion Covered the Gamut
of Indo-US Relations Including Compulsory Licensing, Patent Protection,
Preferential Market Access, Immigration Bill in the US Congress and
Increase in FDI in Areas Such as Defence and Financial Services
FM Emphasized the Importance of
India Becoming A Manufacturing Hub for Meeting its Own Domestic Needs and for
Rebalancing the Global Economy
Expressed India’s Discomfort on
Immigration.
During his visit to Washington D.C., the Union Finance Minister Shri P. Chidambaram met with Members of House of Representatives of the U.S. Congress yesterday (July 11, 2013). The present were the Co-Chair of House & India Caucus Congressman Joe Crowley from New York, Congressman Sandy Levin from Michigan, Congressman Erik Paulsen from Minnesota, Congressman John Larson from Connecticut and Congressman Ami Bera from California. Indian Ambassador to US Ms Nirupama Rao and Secretary, Department of Economic Affairs, Ministry of Finance Dr. Arvind Mayaram were also present during the hour-long meeting.
There
was a wide ranging discussion that covered the gamut of Indo-US relations. More
specifically, issues such as compulsory licensing, patent protection,
preferential market access, immigration bill in the US Congress and increase in
FDI in areas such as defence and financial services were discussed. The Finance
Minister reiterated that there is close cooperation between the two countries
in areas such as security and defence etc. and the civil nuclear agreement
between the two countries was path breaking landmark. He also explained that
Indian law affirms intellectual property rights (IPRs) and the process of
granting compulsory license and patent registration are WTO compliant and
subject to judicial review. The Finance Minister Shri Chidambaram also
emphasized the importance of India becoming a manufacturing hub for meeting its
own domestic needs and for rebalancing the global economy. On immigration, the
Finance Minister expressed India’s discomfort especially because the issue of
temporary relocation of knowledge workers (which is not ‘immigration’ by any
definition) has been linked to the larger issue of immigration. In his view,
the restrictions sought to be placed on knowledge workers amount to non-tariff
barriers.
The
Members of Congress spoke of their deep interest in promoting India-U.S.
relations and advancing mutually beneficial cooperation between the two
countries. They appreciated the opportunity to exchange views with the Finance
Minister and stressed the value of continuing such dialogues and engagement to
accelerate the deepening of the India-U.S. strategic partnership.
The
Finance Minister Shri Chidambaram also had useful discussions with Senator Mark
Warner of Virginia and Senator John Cornyn of Texas, Co-Chairs of the Senate
India Caucus. The Wal-Mart representatives also called on the Finance Minister.
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