June 29, 2011, Washington: The Alliance for US India Business (AUSIB) appreciates the US-India initiatives on closer economic ties and hail the second US-India Economic and Financial Partnership meetings, held on June 27-28 in Washington. The U.S. Treasury Secretary Mr. Timothy F. Geithner met with the Indian Finance Minister Pranab Mukherjee as part of a series of discussions between the two nations. This forum was created by the US President Barack Obama and the Indian Prime Minister Dr. Manmohan Singh and Mr. Geithner participated in the first meeting also that took place in 2010, in India.

An independent business alliance, AUSIB, has been instrumental in building the bridges of business cooperation between the two countries since 2004. Sanjay Puri, AUSIB President said: “Over the last decade exports between India and the US grew significantly, while US-India FDI grew over 160% between 2005 and 2009. This bilateral economic partnership holds tremendous potential and AUSIB applauds and supports the second ministerial meeting between Mr. Geithner and Mr. Mukherjee that offers enormous growth possibilities for Indians and Americans alike.”

The second ministerial meeting of the U.S.-India Economic and Financial Partnership discussed about expanding investment and trade links between the two nations and strengthening their economy and financial systems. The talks further reflected on cooperating on various global issues via G-20 and other multilateral groups, such as, the Financial Stability Board, and thus working towards global growth. The joint statement - signed by the U.S. Secretary of the Treasury Mr. Timothy Geithner and the Indian Finance Minister Pranab Mukherjee - stated that both the countries agreed to a roadmap to deepen engagement in financial sector reforms, infrastructure finance, and macroeconomic challenges.

Building on last year’s – the first US-India Economic and Financial Partnership’s – success, both the countries have decided to reinforce financial partnership to realize the economic potential of the U.S.-India partnership to achieve maximum benefits for the American and the Indian communities.

About AUSIB: The Alliance for U.S. India Business (AUSIB) is a leading non-profit trade association that offers a pathway to help your business succeed in the United States and India. AUSIB seeks to augment investment flows and trade between the U.S. and India and open new channels of communication between business and government leaders. For more information please visit http://www.ausib.org

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