The Hindu : Business : U.S. initiative to increase high-tech trade with India

Online edition of India's National Newspaper
Thursday, Oct 04, 2007
ePaper

Business

Business

U.S. initiative to increase high-tech trade with India

WASHINGTON: The U.S. Commerce Department has announced a new programme to facilitate and increase high-technology trade with India while maintaining a secure American export control system.

Commerce Secretary Carlos Gutierrez has established the Validated End-User (VEU) programme for India, which will make transactions “easier, faster and more reliable with customers that meet the security requirements of an inter-agency review process,” the Department of Commerce said in a statement.

It will help U.S. exporters to “remain competitive in one of the fastest-growing markets for American companies,” the statement said.

“As the world’s largest democracy and a strategic partner, India’s growth has created new opportunities for U.S. businesses and workers. VEU will enable U.S. companies to capitalise on those opportunities by eliminating individual licence requirements on exports of U.S.-controlled items to certain customers in India with a track record of responsible use of such items,” the statement said.

“American exporters benefit from access to India’s market, and the VEU builds upon the enormous progress made over the last six years in facilitating secure high-technology trade and investment while strengthening our cooperation on export controls,” Mr. Gutierrez said.

The “common-sense approach” will make it easier for U.S. companies to sell American products to pre-screened customers in India, while maintaining vigilance over U.S. technologies, he added. — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business

News Update

Stories in this Section