New Delhi, Sep 15 (Calcutta Tube) Welcoming Indian investment in the US, a top American official Wednesday ruled out any plans to consider a free trade agreement (FTA) between the two countries.
‘FTA is not likely to happen any time soon,’ said US Under Secretary of State for Economic, Energy and Agricultural Affairs Robert D. Hormats here.
But, he added that discussions were on for a bilateral investment treaty, suggesting that it was held up due to internal discourse within the US administration.
‘We welcome Indian investment in the US,’ Homrats asserted, pointing out that foreign direct investment from India were the fastest growing investment source to the US.
He pointed out that in 2008, the Indian investment in the US was around $4.5 billion, adding that such investment supported American jobs.
However, he ducked queries on the issue of a ban on outsourcing in the American state of Ohio, which has been vociferously criticized by Indian companies.