The co-chairs of the US-India CEO Forum have stressed the need to continue 'liberalisation' of economic policies between the two countries, saying it is 'critical' for building a strong business cooperation.
Chairman of Tata Group Ratan Tata and Chairman of JP Morgan Chase and Co William B Harrison said the business communities of the two countries have recently developed a 'heightened' mutual interest in forging closer ties and agree on many of the key policy issues.
The forum, they said, can help inform 'our respective governments what can be done to expand private sector ties,' they said.
The two made the remarks after a meeting of the forum in New York on Wednesday to continue its discussions on the set of legal, regulatory, legislative and administrative actions to facilitate a 'significant growth' in trade and investment opportunities between the two countries.
The forum was established in July this year at the initiative of Prime Minister Manmohan Singh and US President George W Bush with the mandate to develop a series of policy recommendations that will enhance the economic partnership between New Delhi and Washington.
It is expected to present its recommendations in the first quarter of the next year.
"We are encouraged by the progress we have made to date and look forward to presenting our recommendations to the President and the prime minister early next year," Tata and Harrison said.
Since its formation, the forum has undertaken extensive consultations within its US and Indian members and a draft of the 'Key Issues and Policy Recommendations' is currently under review by the members.
The group comprises ten private sector leaders from each country and will help to guide the work of the US-India Economic Dialogue chaired by Al Hubbard, National Economic Advisor to the President of the United States and Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, Government of India.