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US Treasury Secretary meeting Prime Minister of India

 
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PostPosted: Mon Feb 16, 2015 2:47 pm    Post subject: US Treasury Secretary meeting Prime Minister of India Reply with quote

US Treasury Secretary meeting Prime Minister of India


By Doruvu Paul Jagan Babu (India)





The Treasury Secretary of the United States, Mr. Jacob Lew calling on the Prime Minister, Mr. Narendra Modi, in New Delhi on February 12, 2015. (Courtesy: PIB)





The Treasury Secretary of the United States, Mr. Jacob Lew calling on the Prime Minister, Mr. Narendra Modi, in New Delhi on February 12, 2015. (Courtesy: PIB)



New Delhi (IAIJ): Treasury Secretary of the United States Mr. Jacob Lew, accompanied by the Vice Chairman of the US Federal Reserve, Mr Stanley Fischer, called on the Prime Minister, Mr. Narendra Modi, on February 12. They are visiting India for the India-US Economic and Financial Partnership dialogue which is co-chaired by the Finance Minister of India.



Prime Minister recalled the landmark and highly successful State Visit of the President of the United States to India as the Chief Guest at the Republic Day Parade. Prime Minister reiterated that the economic and financial cooperation between India and the US was an important pillar of strategic partnership between the two countries. He said that the Government of India was committed to provide predictable and stable tax regime and policies and welcomed the interest expressed by the US companies to invest in India.



The US Treasury Secretary expressed deep appreciation at the financial inclusion initiative `Pradhan Mantri Jan Dhan Yojana` that has connected over 100 million people with the mainstream economy in India. He also appreciated the positive approach adopted by the Government of India in addressing issues of the foreign investors.





India-US Economic and Financial Partnership Dialogue held






The Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Mr. Arun Jaitley and the US Secretary for Treasury, Mr. Jacob Lew at the joint press conference, during the 5th Indo-US Economic and Financial Partnership Dialogue, in New Delhi on February 12, 2015. (Courtesy: PIB)





The Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Mr. Arun Jaitley, the Governor of Reserve Bank of India, Mr. Raghuram Rajan and the US Secretary for Treasury, Mr. Jacob Lew, at the 5th Indo-US Economic and Financial Partnership Dialogue, in New Delhi on February 12, 2015. (Courtesy: PIB)




The Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Mr. Arun Jaitley and the US Secretary for Treasury, Mr. Jacob Lew, at the 5th Indo-US Economic and Financial Partnership Dialogue, in New Delhi on February 12, 2015. (Courtesy: PIB)




The US Secretary for Treasury, Mr. Jacob Lew meeting the Union Minister for Finance, Corporate Affairs and Information & Broadcasting, Mr. Arun Jaitley, in New Delhi on February 12, 2015. (Courtesy: PIB)




• ‘Shared effort, progress for all’ under the leadership of President Obama and Prime Minister Modi



New Delhi (IAIJ): The Finance Minister of India Mr. Arun Jaitley and US Secretary of the Treasury Mr. Jacob J. Lew met on February 12 for the Fifth Annual India-US Economic and Financial Partnership. Reserve Bank of India Governor Mr. Raghuram Rajan and US Federal Reserve Board Vice Chairman Mr. Stanley Fischer and other senior officials from both the countries participated in the day long meeting.



The following is the text of the Joint Statement released by the Finance Minister of India Mr. Jaitley and US Treasury Secretary Mr Jacob Lew after Fifth India-US Economic And Financial Partnership Dialogue:



‘The Indian Ministry of Finance and U.S. Department of the Treasury commit to build on the new dynamism of a renewed India-US partnership for the 21st century through ‘Shared Effort, Progress for All’ shaped under the leadership of President Obama and Prime Minister Modi.



We appreciate the significant efforts undertaken by both sides in recent months to re-energize the bilateral and strategic partnership that has elevated the Partnership to an unprecedented level and scale.



Our shared interest in promoting policies that foster higher and more sustainable economic growth, job creation, and financial stability has enabled us to coordinate on a wide range of issues including investment promotion, financial sector regulation, infrastructure development, tax policy, and combating money laundering and the financing of terrorism. We agreed that we would continue to grow our diversified Partnership through enhanced consultations and economic cooperation.



We discussed recent economic and financial developments in our two economies, and in the global economy at large. We noted the challenges that both of our economies face and agreed that sound macroeconomic policies, structural reforms, and strong prudential frameworks will help to boost economic growth and increase resilience to financial market volatility.



We reviewed the growing trade and investment flows between our two countries. We are confident that continued collaboration to increase bilateral trade and investment flows would enhance opportunities for Indian and US citizens through greater economic growth and job creation, providing mutual benefits to both of our countries.



We appreciate the progress made under the new India-US Investment Initiative, which was launched in Washington DC in January 2015 between the Indian Ministry of Finance and the US Department of the Treasury, following Prime Minister Modi and President Obama’s joint pledge to establish the initiative in September 2014. We are confident that under this Initiative our two nations will continue to coordinate on facilitating capital market development conducive to financing greater investment into India, including in infrastructure, will collaborate on measures that help foster an environment for greater investment into various sectors in India, and will work together to overcome any obstacles to such investment.



We emphasized the importance of strengthening international financial institutions, including the World Bank and International Monetary Fund. Treasury Secretary Lew affirmed President Obama’s commitment to the shareholder review at the World Bank and to working to leverage the resources of the multilateral development banks to enhance our impact on economic development, including through the financing of infrastructure development.



We noted the need for an early conclusion of reciprocal arrangement on the Foreign Account Tax Compliance Act and look forward to working for an early adoption of the new global standards on automatic exchange of information on a fully reciprocal basis for getting information about unaccounted money hoarded in offshore jurisdictions and tax havens. We are committed to share our experiences in tackling offshore tax evasion and avoidance. We affirmed our shared commitment to fostering an enabling tax environment and expressed our satisfaction at the progress made in resolving tax disputes.



Secretary Lew commended the Jan Dhan scheme to provide universal access to banking services for stronger and equitable growth in India. We agreed to collaborate through technical assistance for furthering financial inclusion to India’s poor.



We agreed that deeper and more liquid capital markets in India will facilitate greater foreign investment across sectors, including infrastructure. Streamlining procedures for directly accessing India’s onshore financial markets and allowing foreign investors to invest in a way that more directly benefits the India end-user, instead of the use of parallel off-shore markets with a chain of intermediaries, would lead to greater efficiencies and more funds available to finance investment.



Finance Minister Jaitley underscored the need to build a broader set of financing opportunities for entrepreneurs and firms, including a more vibrant corporate bond market. Both leaders decided to further the India-US alliance for developing stable and robust government and corporate bond markets, removing regulatory impediments to the deepening of capital markets, and strengthening financial regulation.



We also committed to collaborate on technical assistance in the area of public debt management.



Minister Jaitley expressed his appreciation for the efforts of the US Treasury in cooperating with the Ministry of Finance on the Task Force on Resolution Corporation set up in pursuance of the recommendations of the Financial Sector Legislative Reforms Commission.



We welcomed the agreements made for information sharing between the two countries’ regulatory agencies. We welcomed the prospect of an increasingly robust dialogue and meaningful cooperation on anti-money laundering and combating the financing of terrorism with the signing of the India-US Memorandum of Understanding in January 2015. We reiterated our commitment to target the financial networks and fundraising activities of terrorist organizations and individual terrorists associated with these organizations. We all agreed to enhance cooperation between our agencies in fighting illicit finance in all forms.



We encouraged officials on both sides to continue to evolve ambitious plans to further the Partnership. Secretary Lew thanked Minister Jaitley for hosting the first cabinet level meeting under the Economic and Financial Partnership in New Delhi and suggested to convene the sixth meeting of the Partnership in Washington DC in 2016.’



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