July 25, 2007 - Washington - The U.S.-India Business Council (USIBC) today applauded the substantial progress made by India and the U.S. toward a bilateral “123” Agreement to put in effect the Henry J. Hyde United States and India Peaceful Atomic Energy Promotion Act of 2006.
Passed by an overwhelmingly bipartisan majority of the U.S. Congress on December 9, 2006, the Hyde Act amended the Atomic Energy Act of 1954, authorizing U.S. companies to engage in civilian nuclear trade with India, subject to International Atomic Energy Agency safeguards.
Ron Somers, President of the U.S.-India Business Council, which spearheads U.S. Industry’s advocacy campaign in favor of the deal, said, “Government officials on both sides who are working on this historic initiative deserve our deepest gratitude and respect for their vision and statesmanship.”
Conclusion of the 123 Agreement and approval by the Congress would represent a major stride toward U.S.-India civil nuclear cooperation, which will create jobs and opportunities in India and across the U.S. India’s nuclear industry has announced plans to expand from its current installed nuclear power capacity of 3,500 MW to 60,000 MW over the next 26 years. The expansion is valued at $150 billion.
India’s rapidly expanding economy, growing at greater than 9% GDP, is confronting a major energy deficit. India’s energy security challenge portends major collaborations with American companies.
The U.S.-India Business Council, a division of the 3 million-member strong U.S. Chamber of Commerce, formed the Coalition for Partnership with India shortly after the July 2005 visit to Washington of India’s Prime Minister. The coalition serves as host for like-minded parties - think-tanks, policy experts, Industry and the Indian American community in support of US-India cooperation.
The U.S.-India Business Council is based in Washington, DC, with offices in New York, Silicon Valley and New Delhi, and is today comprised of the largest 250 U.S. companies with trade interests and investments in India, joined by two dozen of India’s premier global companies – whose common objective is to expand trade and deepen commercial ties between the United States and India.
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