Chidambaram to arrive in US today for World Bank annual meeting, likely to discuss tax issues

US Treasury Secretary Jacob Lew is likely to raise issues of taxation and deepening collaboration on combating illicit financial activity with Finance Minister P Chidambaram, who arrives in US on Wednesday to attend the IMF/World Bank annual meetings.

Lew will host Chidambaram on October 13 for the fourth annual meeting of the India US Economic and Financial partnership. Chidambaram will also participate in the BRICS Finance Ministers and Central Bank Governors meeting, the G-24 Ministerial Meeting and the G-20 Finance Ministers and Central Bank Governors Meeting during his stay in Washington from October 9 to 12.

"Secretary Lew looks forward to being joined by Chairman Bernanke to engage with Indian Finance Minister Chidambaram and (the RBI) Governor Rajan on the major macroeconomic and financial sector issues affecting our two economies," said Lael Brainard, the US Treasury Under Secretary for International Affairs ahead of the meeting.

"In this fourth meeting of the Partnership, the Secretary will be pressing strongly on priorities of interest to our private sector, including tax issues, and deepening collaboration on combating illicit financial activity that will make both of our economies more secure," Brainard said.

Reserve Bank of India Governor Raghuram Rajan and Economic Affairs Secretary Arvind Mayaram, among others, will also attend the IMF/World Bank annual plenary meetings on October 11 and 12.

The US-India Economic and Financial Partnership has served as a platform for greater cooperation on economic issues of importance to both nations, the Treasury said. Both countries recognise the importance of expanding bilateral economic engagement, noting the increasing range of global macroeconomic and financial issues, including those related to illicit finance, on which the United States and India cooperate, the Treasury said.

During his five-day stay in Washington, Chidambaram will attend the annual plenary meetings of IMF and World Bank on October 11 and 12. In G-20 Finance Ministers  Meeting, recent developments in global economy and financial sector vulnerabilities, IFA reforms, financing for investment and strengthening of G-20 process are likely to be discussed among others, an official statement said.

Chidambaram is also likely to hold bilateral meetings with Hiroshi Watanabe, CEO of Japan Bank of International Cooperation (JBIC), Joe Hockey, New Australian Treasurer, Yair Lapid, Finance Minister of Israel and John Osborne, Chancellor of UK Exchequer.

He is also scheduled to deliver a talk at Carnegie Endowment for International Peace -- an eminent American think tank.  Chidambaram, is also likely to hold bilateral meetings with his counterparts from Switzerland and New Zealand. He will be the Chief Guest at the IDFC event organized to mark the First Closing of IDFC's Infrastructure Fund Meeting.

He will also participate in an Informal Gathering of World Economic Leaders (IGWEL), the official statement said.

From Washington, Chidambaram would travel to San Francisco where he would interact with the investors and highlight India as a highly attractive destination for investment.