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A massive population and rapidly developing economy make India the world’s largest untapped market for American goods and services.
Member rating: No Rating | Words: | Submitted: Thu Jul 11 2002
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A massive population and rapidly developing economy make India the world's largest untapped market for American goods and services. If its ongoing transition from a socialist-style command economy to a free market comes to fruition, India will become even more attractive as a destination for investors. India's effort to liberalize its economy began in 1991 and was greatly accelerated after India joined the World Trade Organization four years later. However, with WTO multilateral negotiations currently ensnared by labor and environmental issues, India's reform efforts have proceeded at a slower pace than would be possible with a bilateral trade arrangement. The ruling BJP (Bharatiya Janata Party) has expressed its desire to encourage further economic developent in India by reducing trade barriers and encouraging foreign, particularly American, investment. The Clinton Administration failed to take advantae of this willingness by isisting on unrealistic labour and environmental standards and by relying solely on WTO mechanisms...
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