New York: Chairman of Reliance Industries Mukesh Ambani has suggested that India and the United States could enter into a free trade agreement similar to the 'North American Free Trade agreement' to enable both to derive benefits from economic co- operation between them.

The agreement, he said, should allow free exchange of technology, labour and intellectual property rights.

Talking about the benefits of close economic co-operation, he said, "It would lower costs for the United States and create better opportunities in India."

Speaking at the 'Wharton India Economic Forum', he also stressed the importance of two countries joining in mutually beneficial partnerships in energy, life sciences, telecommunications and agriculture.

India, he said, could provide skilled professionals to meet the shortfall in the United States and also help in reducing costs in the healthcare sector as it has well trained physicians. The two could also co-operate in developing drugs.

Another area of co-operation, he stressed, is the energy sector especially as India has a large unexplored territory.

Stressing that India is emerging as the back office of the world, Ambani spoke about the benefits of the English speaking skilled workforce in India which could help reduce costs in the communications sector.

PTI