India, US to ink agreement to enhance trade, investment soon

India and the US today agreed on a framework to promote trade and investment and hoped to sign an agreement soon.

A joint statement issued after the sixth ministerial meeting of the bilateral Trade Policy Forum (TPF) said, "The two governments agreed to work together on a framework for promoting real and meaningful cooperation in trade and investment."

"We hope this (framework) agreement will be signed soon," commerce and industry minister Anand Sharma said after meeting US trade representative Ron Kirk.

Earlier talking to reporters, Kirk pitched for further opening up India's services sector, especially the financial market.

Sharma informed that India and the US have also agreed to sign agreements on intellectual property rights and sharing of traditional knowledge digital library.

Kirk hoped India would further strengthen its IPR regime.

Kirk also informed that the issue of H1-B visas for Indian professionals came up for discussions in the meeting.

However, he said, "The US administration is working with (the US) Congress to see if we can resolve these outstanding concerns related with the H1-B visas."

The officials of the two countries, Sharma said, would meet twice a year to complete the remaining task of the TPF, formed in 2005 to discuss trade and investment issues.