Washington: The US considers India as one of the most significant markets for growth and will press New Delhi for promoting open and transparent trade and investment regime, a key American policy document has said.
"In South Asia, India presents one of the most significant markets for growth in US exports and investment," American 2011 Trade Policy Agenda said.
It said the US would continue to use all available mechanisms including the US-India Trade Policy Forum and the World Trade Organisation (WTO) to promote an open and transparent trade and investment regime in India".
The document said that India has numerous trade barriers which include prohibiting the entry of several US agricultural products into the Indian market or efforts designed to stimulate domestic industry at the expense of foreign competition.
"Barriers range from prohibitions and restrictions on foreign investment in key sectors to inadequate protection and enforcement of intellectual property rights," it said.
The Policy Agenda prepared by United States Trade Representative (USTR) said that these barriers have to be removed to tap the potential for bilateral trade and investment.
Despite pointing out the trade barriers in India, the US conceded that its exports to the Indian markets have gone up four-fold in the last 10 years.
In the first 11 months of 2010, US merchandise exports to India totaled $ 17.6 billion, up 17 per cent from the same period in 2010. The bilateral trade was $ 36.5 billion in 2009-10.
The agenda also said that the US would continue to use all available mechanisms including the US-India Trade Policy Forum and the WTO to promote an open and transparent trade and investment regime in India.