Observing that the potential of India-US partnership remains unfulfilled, a top US Senator has said that despite tremendous growth in bilateral ties the two sides have neglected opportunities to deepen cooperation partly because of economic factors.
"I'm reminded of the tremendous potential of the US-India partnership. Unfortunately, that potential remains unfulfilled. Unfortunately, the US-India partnership has lost some of its momentum - partly because of economic factors, and partly because both countries have neglected obvious opportunities to deepen bilateral cooperation," Senator John Cornyn said yesterday.
A powerful Republican Senator from Texas, Cornyn is the Co-Chair of the Senate India Caucus, the largest and only country-specific caucus in the Senate.
"Under President (Barack) Obama, we've made some progress on various security issues, including the Defence Trade Initiative. For that matter: Between 2002 and 2012, overall US trade with India grew by 293 per cent, with total US exports growing by 439 per cent," he said in his key note address on 'The future of US-India Relations' organised by the think-tank American Enterprise Institute.
Referring to a recently released AEI report, Cornyn said the two-way trade and investment could -- and should -- be much, much greater than it is today.
"To get us there, officials in both Washington and New Delhi will have to rejuvenate the partnership that was launched under President (George) Bush," he said.
"We are still falling short of our potential. For example: Washington could dramatically expand US exports to India by making it easier for American companies to export liquefied natural gas. Under current law, our companies need to seek federal approval for LNG exports from the Department of Energy, due to an antiquated statute that was passed 75 years ago during the Great Depression," he said.
Cornyn said that he has cosponsored legislation with Senator John Barrasso that would accelerate the approval process and increase LNG exports to nations such as India.
"Our bill would be good for the US economy, good for the US-India partnership, and good for our mutual strategic interests. That's why, in addition to cosponsoring legislation, I've also sent a letter to the US Energy Secretary urging him to get behind this effort," he said.
The Texas Senator said he understands why American business leaders have been lobbying the Indian government for greater market access.
"After all, India's treatment of foreign investment remains highly protectionist, and its regulatory system remains overly burdensome and complicated," he said.
However, he cautioned US policy makers and officials to realistic and not to push India too much.
