NEW DELHI, Nov 10: India concluded a cooperation framework agreement with the US on Wednesday to step up economic ties, focusing on various areas including financial services. The move is seen as a warming up exercise which could result in specific agreements during the proposed visit of US President George W. Bush to India next year.

The pact was concluded after discussions with an official US delegation led by US treasury secretary John Snow, at the India-US Financial and Economic Forum. The two sides also discussed global economic outlook and macroeconomic policies, Indian Finance Minister P. Chidambaram said after the signing of the pact. Speaking to journalists, he said the focus was on promoting sustainable growth and cooperation between the two sides on various fronts.

The India-US Financial and Economic Forum is actively promoting interaction between the two governments and independent entities like regulators looking at various sectors. The next meeting of the forum is expected to be held in the US.

While the Indian side indicated that financial sector reforms — a key area of interest to the US — will move forward, the US delegation gave positive signals on further improvement in bilateral ties during the proposed visit of Mr Bush.

The two sides also discussed in details the need to strengthen India’s financial sector, Mr Snow said, adding that Mr Chidambaram gave a “good view of the roadmap” for reforms in banking, insurance and pension sectors.

—By arrangement with the Times of India