U.S. President Barack Obama announced 20 new trade deals with India worth about $10 billion, which are likely to create around 54,000 jobs in the United States. Deals ranging from sale of heavy transport and commercial aircraft, to gas and steam turbines have been inked. Obama, who is on a 10-day trip through Asia, presided over a meeting of U.S. and Indian executives in India's financial capital of Mumbai.
Obama, who suffered a major setback in the recent mid-term polls, seemed to be trying to win public approval back home. He heavily emphasized on opening markets to American goods and in turn create more jobs.
As we look to India today, the United States sees the opportunity to sell our exports in one of the fastest growing markets in the world. In America this is a jobs strategy. Our goal is to double US exports. Our exports to India have quadrupled in the last many years and exports to India have created tens of thousands of jobs, he said in his peach at the US-India Business council.
For America this is a job strategy as we recover from this recession we are committed to build a strong economy, the President added.
Obama also told the gathering that the U.S. would relax some export regulations that have complicated trade between America and India. He stated that both nations should be in a win-win relationship, but in a nod to U.S. sensibilities.
There is no reason why India cannot be our top trading partner. I'm absolutely sure that the relationship between India and the U.S. is going to be one of the defining partnerships of the 21st century, the president said.
He maintained that economic relations between both countries still had enormous untapped potential.
Meanwhile, the commercial deals signed include the sale of 10 Boeing C-17 Globemaster III military transport aircraft to the Indian Air Force. This transaction is valued at approximately $4.1 billion with an estimated 22,160 jobs to be created. Boeing and India's SpiceJet also concluded a definitive agreement for the sale of 30 B737-800 commercial aircraft. This $2.7-billion transaction could support up to 12,970 jobs.
General Electric Company will also provide the Indian Aeronautical Development Agency with 107 F414 engines to be installed on the Tejas light combat aircraft. Harley-Davidson Motor Company will open a new plant in India for the assembly of Harley-Davidson motorcycles from U.S.-built complete knock-down kits.
Honeywell's David Cote, Tata group chairman Ratan Tata, PepsiCo chairperson Indra Nooyi, Boeing Co's Jim McNerney and General Electric Co's Jeffrey Immelt were among those attended the event.