President Obama announced new trade deals with India that will support tens of thousands of jobs and create many more.
Obama also told a meeting of U.S. and Indian executives that the U.S. would relax some export regulations that have complicated trade between America and this fast-growing country of 1.2 billion people.
“As we look to India today, the United States sees the opportunity to sell our exports in one of the fastest growing markets in the world. For America, this is a jobs strategy,” the president said in a speech to the U.S.-India Business Council (pictured).
“There is no reason this nation can’t be one of our top trading partners,” the president said.
To that end he said the U.S. would seek to reform export controls that resulted from past administrations’ concerns about India’s nuclear industry. The changes, which have been much sought-after in the business community, include relaxing controls on India’s purchase of so-called “dual use” technologies that could be used for civilian or military purposes, and removing a few of the last remaining Indian companies on a so-called “entities list” of groups that face restrictions on doing business in the U.S.