Friday, March 3 2006 11:03 Hrs (IST) - World Time -

New Delhi: Announcing initiatives to accelerate cooperation in the field of science and technology, India and the United States yesterday(Mar 2,2006) said they would jointly establish an endowment fund and a joint commission to promote industrial research and development.

A joint statement issued after talks between Prime Minister Manmohan Singh and President George W. Bush announced establishment of a Bi-National Science and Technology Commission co-funded by two countries.

The two countries would also establish Bi-national Science and Technology Endowment Fund and a standing Science and Technology Joint Commission.

The two countries agreed to work together to promote innovation, creativity, and technological advancement by providing a vibrant intellectual property rights regime, and to cooperate in the field of intellectual property rights to include capacity building activities, human resource development and public awareness programmes.

The joint commission would serve as a bridge and a forum for dialogue between the government science and technology agencies in both the countries, foster R&D and scientific exchanges between government, universities, research institutions and the private sectors.

It would also encourage joint research and development of fast and medium science and technology projects for commercial products for mutual benefit of both the countries through mutually agreed mechanisms.

The Commission would also encourage commercialisation of new technologies and identifying and promoting reduction of regulatory and bureaucratic barriers in both countries.