U.S. Treasury Secretary Jack Lew met with Indian Finance Minister P. Chidambaram on Sunday for the fourth annual U.S.-India Economic and Financial Partnership, which was also attended by officials from the Federal Reserve and Reserve Bank of India.
“The economic and financial relationships between our two countries continue to deepen and strengthen,” Lew and Chidambaram said in a joint statement.
The officials said in the press release that bilateral trade between the two countries increased from $59.9 billion to $92.5 billion between 2009 and 2012, and Indian investment in the U.S. rose from $227 million in 2002 to nearly $5.2 billion in 2012. Total foreign direct investment from the U.S. to India between April 200 and July total $11.49 billion.
Lew and Chidambaram also discussed the need to drive economic growth and job creation, as well as ways to finance infrastructure. The officials agreed to deepen their bilateral cooperation and to achieve reforms for more sustainable growth.
“We will do our part to meet our Leaders’ call for increased engagement by experts from both governments, underlining the need for expeditious progress to address all trade and investment policy issues of bilateral concern so as to remove obstacles and improve the business environment in both countries,” Lew and Chidambaram said.