India, US to enhance economic relations for global recovery

"We have agreed to further intensify our trade, investment and economic cooperation in a way that creates jobs and prosperity and puts our two countries as stimulants of global economic recovery," Prime Minister Manmohan Singh said while addressing a joint press conference with US President Barack Obama in the White House.

Singh said the global economic crisis has brought home the fact that prosperity the two nations is inter-linked. "We agreed that Indo-US relationship is important for addressing the challenges of inter-dependent world that we live in," the Prime Minister said.

Obama, in his address, said, "We agreed to strengthen economic recovery, and expand trade investment, so that we can create jobs for both our peoples, Americans and Indians."

He said Indian investment in America is creating and sustaining jobs across the US.

"... as the world's largest multi-ethnic democracy, as one of the world's fastest growing economies, and as a member of G-20, India will play pivotal role in meeting the major challenges, we face today ... this includes my top economic priority, creating good jobs with good wages for the American people," Obama said.

Calling India as a rising and responsible global power in Asia, the US President said his country welcomes and encourages New Delhi's leadership role in helping shape the rise of stable, peaceful and prosperous Asia.

He said India has much to teach developing countries about achieving food sufficiency.

Obama said India and the US need to promote trade and investment and technology cooperation, especially among small- and medium-sized business, which creates most jobs in the US.

In the context of G-20's decision to increase voting power of emerging economies in IMF and the World Bank, he said emerging economies like India should have a greater voice in shaping global financial architecture.

Singh said the two leaders also decided to give fresh impetus to collaboration in education, agriculture and health, to deepen ongoing collaboration between them in frontier areas of science, technology, nuclear power and space.

"This will open new opportunities for universities and laboratories and create human capital," Singh said.

The Prime Minister underlined India's desire to benefit from clean technologies of the United States.

"Our partnership will continue to global efforts to combat climate change and achieve energy security," he said.