MUMBAI: President Barack Obama on Saturday announced $10 billion in trade deals with India to create 50,000 US jobs, on a visit that began with an emotional tribute to victims of the 2008 Mumbai attacks.
Kicking off a four-nation Asian tour weighted towards prying open new markets for US goods, Obama also said he would relax technology export restrictions imposed after India’s nuclear tests back in 1998. “As we look to India today, the US sees an opportunity to sell our exports in one of the fastest growing markets in the world,” he told an audience of US and Indian businessmen in financial the hub of Mumbai.
“For America this is a jobs’ fair. As we recover from this recession we are determined to rebuild our economy on a stronger foundation for growth,” he added. At the same time, he urged India to play its part by implementing “a steady reduction in trade barriers” in sectors from retail to telecommunications. “New jobs and growth flow to countries that lower barriers to trade and investment,” Obama said.
“Our trade with India is still less than our trade with the Netherlands,” Obama said. “I have no doubt we can do much better – there is no reason why this nation can’t be one of our top trading partners.” Rajan Bharti Mittal, president of the Federation of Indian Chambers of Commerce and Industry, welcomed what he described as a “very pragmatic speech”.
Outlining a series of measures to ease export controls, Obama said they would allow India’s purchase of “dual use” technologies that have civilian or military applications. The measures would involve removing Indian space and defence companies from a restricted “entities list” and supporting Indian membership of four key global nuclear non-proliferation regimes.
The commercial agreements included a $7.7 billion dollar contract for Boeing to supply 30 of its 737 aircraft to Spice Airlines, and a preliminary accord on the sale of 10 C-17 Globemaster military transport aircraft potentially worth four billion dollars.
Obama and his wife Michelle flew into Mumbai on Air Force One at the start of a trip that will also take the president to Indonesia, South Korea for the G20 summit and Japan for the APEC summit. Obama’s first stop in Mumbai was the Taj Mahal Palace, which was the main target of the November 2008 attacks by 10 militants that killed 166 people.
“The US stands in solidarity with all of Mumbai and all of India in working to eradicate the scourge of terrorism,” Obama also wrote in the condolence book at a memorial to the victims.
