Breaking News: The U.S.-India Business Council Hails 123 Progress

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.

Recent Editor Articles

The India Street Editor Musings – Deal Tracker India Real Estate Jitters Chennai Real Estate to Appreciate by 10% over the next 12 months

USIBC applauds Abbott Laboratories for promoting Indian public health through global price reductions

Washington, D.C. - U.S. – India Business Council (USIBC) applauds Abbott’s decision to significantly reduce the cost of its life-saving drug, Kaletra (a protease inhibitor to treat HIV/AIDS), in 40 developing countries, including, India.

The reduced price is lower than any generic price available in the world today for this medicine and is approximately 55 percent less than the average current price in these countries. Abbott and the World Health Organization have agreed on a balanced approach which increases access to this vital drug while preserving the incentives which encourage the development of new drugs in India and around the globe.

USIBC President, Ron Somers, praised Abbott’s social responsibility saying that “this is good news for nearly 5.7 million Indians living with HIV/AIDS. This agreement, endorsed by the WHO, contributes to India’s public health and demonstrates the benefits of innovation through intellectual property protection.”

The U.S.-India Business Council is the premier advocacy organization representing over 250 of the largest U.S. companies investing in India, joined by global Indian companies, promoting economic reforms with an aim to deepen trade relations and broaden commercial ties. For more information, visit www.usibc.com.