Obama: Trade deals with India can boost U.S. jobs
MUMBAI, India — President Barack Obama on Saturday announced new trade deals with India supporting tens of thousands of U.S. jobs as he began a 10-day trip through Asia on a determinedly domestic note.
Intent on demonstrating his attention to the sluggish U.S. economy even while overseas, Obama also told a meeting of U.S. and Indian executives that the U.S. would relax some export regulations that have complicated trade between America and this fast-growing country of 1.2 billion people.
He said the U.S. would seek to reform export controls that resulted from past administrations’ concerns about India’s nuclear industry. The changes, which have been much sought-after in the business community, include relaxing controls on India’s purchase of “dual use” technologies that could be used for civilian or military purposes, and removing a few of the last remaining Indian companies on a so-called “entities list” of groups that face restrictions on doing business in the U.S.
The commercial deals he announced include the purchase of 33 737s from Boeing by India’s SpiceJet Airlines; the Indian military’s plans to buy aircraft engines from General Electric; and preliminary agreement between Boeing and the Indian Air Force to buy 10 C17s.
