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01 October 2014, 10:05   Report Abuse

Arpit (CS Executive)


[ Scorecard : 1709]

In their first summit, Prime Minister Narendra Modi and President Barack Obama today pledged to push the bilateral relationship to "new levels", resolve issues blocking implementation of the civil nuclear deal and cooperate in counter terrorism. In principle agreement to renew defence pact: India and US have in principle agreed to extend their defence agreement for another 10 years which will take forward the cooperation between the two countries in the crucial area. The framework agreement, which will expire next year, was signed in 2005 by then Defence Minister Pranab Mukherjee and his US counterpart Donald Rumsfeld. The pact had laid strong foundations leading to mutually beneficial defence cooperation through security dialogue, service-level exchanges, defence exercises, TRADE and technology collaboration. India has raised the FDI cap in the sector recently from 26% to 49% with an aim of boosting indigenous defence production. Seeking easier access for Indian services companies Expressing confidence that their bilateral economic ties would improve further, Prime Minister Modi today sought easier access for Indian service companies to the US economy during his talks with US President Obama. Indian service companies have good presence in the US but there have been issues related to visas for IT professionals from India. Agreeing to dismantle terror havens: Furthering Indo-US cooperation on terrorism, the two leaders agreed to make "joint and concerted efforts" to dismantle safe havens for terror and criminal networks like LeT, JeM, ISIS, Al-Qaeda etc. The two countries will also take steps to disrupt FINANCIAL and tactical support to these terror outfits. Food security concern at WTO needs solution Emphasising that India supports TRADE facilitation, the Prime Minister today told the US President that a solution must be found on its concerns over food security at the WTO. Invitation to visit India: The Prime Minister also invited the US President to visit India at a convenient time, which has been accepted by the White House. "I look forward to receiving President Obama and his family in India at a convenient time," Modi said in a joint press statement inside the Oval Office of the White House.

03 October 2014, 12:11  

Vaibhav Joshi

(F)CA, MBA aspirant

[ Scorecard : 1413]

Looking for more such good partnership with other developing nations tooo..

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