November 13, 2014 – Washington, DC – The U.S.-India Business Council (USIBC) applauds the cooperation between India and the United States that establishes a continued dialogue for the World Trade Organization’s implementation of the Trade Facilitation Agreement (TFA).
“This agreement represents a way forward for both countries which will allow for the enactment of the TFA,” said USIBC (Acting) President Diane Farrell. “It also sets the stage for increased economic activity in India and has the potential to add $1 trillion to the global economy.”
Farrell also noted, “While we are pleased that issues surrounding India’s stockpiling program will no longer keep the Bali Accord from moving forward, USIBC continues to encourage all WTO members to work together to find a permanent solution on food subsidies.”
The agreement reaffirms belief in the multilateral trading system and its benefits to the economic growth of all nations involved.
USIBC Chairman and MasterCard CEO Ajay Banga said, “We commend the work of the Office of the U.S. Trade Representative, Ambassador Michael Froman and the Government of India which will allow the WTO discussions to move forward as these two globally important economies work to further develop a deepened fiscal and commercial relationship.”
Formed in 1975 at the request of the U.S. and Indian governments, the U.S.-India Business Council (USIBC) is the premier business advocacy organization advancing U.S.-India commercial ties. Today, USIBC is the largest bilateral trade association in the United States, with liaison presence in New York, Silicon Valley, and New Delhi, comprised of 310 of the top-tier U.S. and Indian companies. The Chairman of USIBC is Ajay Banga, President and CEO, MasterCard.