India, US announces historic partnership to guide economic cooperation

An announcement in this regard was made by Geithner after the Indo-US Summit at the White House on Tuesday.

"India is an emerging global power and a country with which the United States has an increasingly important economic and financial relationship," Geithner said.

Treasury also announced that Geithner would be visiting India in early 2010 for the partnership's launch with the Finance Minister.

"I look forward to working closely with my Indian counterparts through the Partnership to advance cooperation on the growing number of economic issues of interest to our two nations," he said.

Both countries recognise the importance of expanding bilateral economic engagement, noting the rapid growth of US-India economic ties and the increasing range of global macroeconomic and financial issues on which the United States and India cooperate. 

The Economic and Financial Partnership is a significant elevation of existing bilateral and multilateral economic dialogue between the US and India, and will serve as a platform for greater cooperation on economic issues of importance to both nations.

The Partnership, according to the statement, will focus on three broad areas for discussion - macroeconomic policy, the financial sector, and investment development - and will meet at the Cabinet level once a year, alternately in the US and India, led by Geithner and Mukherjee.

Working group and sub-cabinet level meetings will be held throughout the year to advance discussions on specific economic policy areas.