And it's time we take this relationship to a new level for each of our own well-being. The question is how do we bridge the gap between this vision and the present reality?
I'd respectfully suggest that we begin by deepening our economic relationship to accomplish our individual domestic goals.
And, our vision and our interest as you look down five, 10 and 20 years, I can see no logical impediment to the development of this relationship in terms of our individual self-interest.
Today, as I speak - well, not as I speak, but shortly, President Barack Obama is going to be giving a major speech outlining the top priority for the Obama-Biden administration. And, it's straightforward and simple, how do we continue to shore up America's future and the foundations of the middle class life in America with good-paying jobs, affordable health care, housing, education and the dignity in retirement. India's top priority is to lift hundreds of millions of people out of poverty to join the middle class - totally consistent goals. Together, in our view, we can help each other achieve our core goals. And we've made a good start. In the last 13 years, we've increased fivefold our bilateral trade, reaching nearly $100 billion. There's no reason, if our countries make the right choices, that we can't grow together and more rapidly.
The United States is negotiating major new trade agreements across both the Atlantic and the Pacific - so called TTIP in the Pacific (sic) - and here in the Pacific, an agreement that would encompass not only the Pacific Basin all the way to the Indian Ocean but also America and the entire hemisphere. I recently went on a journey to Latin America and South America. Chile, other countries are looking forward to this Trans-Pacific Partnership.
Expanding trade between India and the United States can and should be a central part of this story. But that requires us to be candid with each other about the obstacles that exist when it comes to a business environment: protection of intellectual property; requirements that companies buy local content; limits on foreign direct investment; inconsistent tax treatment; barriers to market access. These are tough problems. But we all know they have to be negotiated and worked through in order to meet the potential of this relationship. This instinct to protect your industries is fully comprehensible and easy to understand.
India has 600 million people under the age of 25 with unlimited capabilities, but, in some cases, limited horizons. Your businesses are seeking any competitive edge they find, and why shouldn't they? But I believe recent history of other developing countries and developed countries shows there is a better way to grow and strengthen your economy, although it takes some bold decisions.
A young Indian woman graduating from IIT Bombay who wants to start the next Tata Motors should be able to buy the best technology and parts, wherever in the world they come from - as her competitors around the world are able to do.
Millions of Indian consumers deserve access to the most affordable and reliable products to better their standard of living. Now, look, I understand - believe me - how making even the most modest of changes of opening your markets impacts on interest groups. It happens in my country and it clearly happens in yours.
But you have an extraordinary opportunity to unleash the immense talents of the people of India in the global economy - and power India's growth for decades to come. It is not easy. I am not - I am a public official. I've been doing this my entire adult life. These are difficult decisions to make. It's a little bit like, as my mother used to say, you got to take your medicine in order to be healthy.
But the choices are not ours to make, they're India's to make. We could both do fine without one another. We are not here - I am not here, the President didn't ask me to come here to lecture, to suggest what is India's interest. That's for India to decide. We know what is in our interest. We believe what is in our interest, and a powerful, growing, vibrant Indian economy we believe is in our interest. We know is in our interest. And there are certain basic rules of the road of the 21st century that have to be met as a practical matter - not dictated by us, but by the marketplace in order to be able to get there. So America does not claim to be a disinterested party. We see tremendous opportunities for American companies in technology and infrastructure, and in creating more efficient supply chains here in India.
One place to start is would be with the Bilateral Investment Treaty. It would give investors in both countries more certainty and predictability; fair treatment under a single, consistent set of rules for companies small and large, foreign and domestic.
I'm pleased that our countries are reengaging in talks toward a Bilateral Investment Treaty. Both our governments have instructed our negotiators to see what progress can be made by the time Prime Minister Singh visits Washington this fall.
We welcome Indian businesses investing in the United States. Indians receive more skilled-worker visas to the United States than any other country in the world. And the legislation our Congress is considering increases the number of temporary visas and Green Cards availability for highly skilled Indians to come work in the United States. I know that causes, as my Italian friends say, some agita with some individual companies. But the bottom line is there's a net expansion.
In December, members of the World Trade Organization will meet in Bali. We need to find a way forward to address India's - and I'll be criticised for saying this - India's legitimate concerns about food security without distorting global trade. Success in Bali can help reinvigorate world trade, the World Trade Organization and show that it remains a vital forum to resolve these issues.
In this and many other areas, India has an essential role to play - both to take its rightful place in international rule-setting and to accept the responsibilities that come with it. Because ultimately, the two go hand in hand.
Excerpts from remarks by US Vice President Joseph Biden at the BSE, July 24, Mumbai