Mumbai: US President Barack Obama is announcing $10 billion in trade deals with India that are expected to help pay for 54,000 US jobs. He’s also unveiling new export rules to make it easier for US companies to do business with India. Some of the changes, including relaxing controls on India’s purchase of so-called “dual use” technologies that could be used for civilian or military purposes, have been top priorities for the business community.
He saidÂ “Americans helped build India and Indians helped build America,”.Â Obama made the announcements on Saturday in a speech to US and Indian business executives on the first day of his 10-day, four-country Asia trip. In the wake of Democrats’ midterm election losses, attributed partly to continued high unemployment in the U.S., the White House is working overtime to present Obama’s trip as singularly focused on US jobs and the domestic economy.
“The United States sees Asia, and especially India, as a market of the future,” he said. “We don’t simply welcome your rise as a nation and a people, we ardently support it.Â We want to invest in it.Â And I’m here because I believe that in our inter-connected world, increased commerce between the U.S and India can be and will be a win-win proposition for both nations.”