India, US expand financial and economic partnership

India and the United States today launched a `Financial and Economic Partnership' aimed at strengthening bilateral engagement and understanding on macroeconomic, financial sector and infrastructure-related issues.

Finance minister Pranab Mukherjee and US secretary of the treasury Timothy F Geithner announced the launch of the expanded partnership in New Delhi today.

Under the partnership, the Indian finance ministry and the US treasury department will cooperate on economic and financial issues - both critical in addressing shared challenges and achieving shared goals.

At the inaugural partnership session, working group discussions focused on macroeconomic policies needed to sustain growth in incomes and jobs; measures to reform financial regulation, deepen capital markets as a means to improve growth and increasing financing for infrastructure investment critical to future productivity and economic growth.

"Today, Indian finance minister Pranab Mukherjee and US secretary of the treasury Timothy Geithner launched the India-US Financial and Economic Partnership, cementing the economic bonds between our two nations, and building a foundation for greater cooperation and economic growth in the future," they said in the joint declaration.

"The ability and commitment of the US and India to cooperate on financial and economic issues are important to the economic success of both nations, and the world, and will assist in addressing shared challenges and achieving shared goals in this century," they said.