Geithner headed to India to discuss economic partnership

Treasury Secretary Tim Geithner is headed to India this weekend in the first of what is expected to be regular relationship-building meetings.

Discussions are expected to center on economic policy, the financial sector and infrastructure spending, senior Treasury Department officials said Wednesday. 

"The ability and commitment of the two countries to work together will be criticial to the success of both nations and the world in addressing shared challenges and achieving shared goals," a senior Treasury official said during a briefing Wednesday. 

"We have a rapidly expanding trade and investment relationship." 

Increasing the role of American exports and investment are key goals of the upcoming discussions.

Trade between the two countries -- both members of the G-20 -- has doubled in the past five years in total direct investment, growing to about $21 billion in 2008. The U.S. and India have the first and fourth largest of the world's economies based on purchasing power parity, according to the Treasury.

Treasury officials praised India's response to the worldwide financial crisis, using fiscal and monetary stimulus to boost and sustain strong domestic demand.

President Obama has vowed to improve trade relations with India, Brazil and China, three of the world's fastest growing economies.