US to support India’s membership in NSG

In a move that will be welcomed in India, Obama on Saturday said the US will work to reform export laws as Washington readies to express “in-principle” support to New Delhi’s membership of elite nuclear clubs like the Nuclear Suppliers Group.

“We are reforming export control system, so we will make sure that restrictions don’t stand in the way of high-tech trade between our countries... I am pleased to announce that we will work with India to fundamentally reform our control on exports which will allow greater cooperation in the range of high-tech sectors and strengthen our non-proliferation efforts,” Obama said while addressing corporate honchos in Mumbai.

Buy more from America and help create more jobs there, was Obama’s message to the 400 entrepreneurs he met at the Trident Hotel.

He urged India to import more from American companies and asked for reducing trade barriers while committing to reciprocate.

India accounts for two per cent of US exports but there was scope to improve as India has a huge young middle class, he said. “The US sees potential to sell exports in one of the fastest growing markets in the world.” Obama also announced that “several landmark” deals worth USD 10 billion have been reached between the two countries for creating about 50,000 jobs in the US.

Thanks to expressbuzz.