US-India vow to deepen economic engagement

Washington: India and US on Tuesday vowed to deepen bilateral and multilateral engagement in order to fully capitalise on economic opportunities in the two countries.

"Through stronger collaboration and coordination amongst our economic and financial policymakers, this Partnership has sought to deepen US-India bilateral and multilateral engagement in order to fully capitalize on the wealth of economic opportunities between our two nations," a joint statement issued at the end of the conclusion of second India-US Economic and Financial Partnership said.

Finance Minister Pranab Mukherjee attended the meeting with US Treasury Secretary Timothy.

In their joint statement, Geithner and Mukherjee said they discussed the challenges that both economies face in ensuring a strong recovery and price stability in the short term, as well as the range of policies necessary to reach growth at their full potential domestically.

"The United States is committed to making the investments in technology, skills, and infrastructure necessary to maintain and enhance US competitiveness in the global economy. India intends to take steps to marshal private and public saving to meet the infrastructure needs of a rapidly growing Indian economy," it said.

"The United States and India will work together to expand trade and investment links between our two economies, and to develop and strengthen our financial systems. India and the United States will also work together in the G-20 on an effective mutual assessment process to bring about strong, sustained, and balanced global growth," the statement said.