India and the US have agreed to strengthen bilateral economic cooperation through new initiatives like setting up a Framework for Cooperation on Trade and Investment and launching a Financial and Economic Partnership. A joint statement issued after talks between Prime Minister Manmohan Singh and US President Barack Obama in Washington said, the Framework is expected to foster an environment conducive to technological innovation and collaboration, promote inclusive growth and job creation. While the Framework will support small and medium enterprises in exploring new business opportunities, the US-India Financial and Economic Partnership would deal with economic, financial and investment-related issues. The two leaders have also agreed to strengthen and reform the global economic and financial architecture in the G-20, the World Bank and the IMF, besides expressing their resolve to seek an ambitious and balanced outcome of the Doha Round. The multilateral trading system, the leaders emphasised, should be open, fair, equitable, transparent and rule-based.