India and the United States have agreed to enhance collaboration on tackling offshore tax evasion and increase co-operation in sharing of cross-border tax information. Finance Minister Arun Jaitley and US Treasury Secretary Jacob Lew co-chaired the 6th US-India Economic and Financial Partnership on the sidelines of the annual Spring Meeting of the International Monetary Fund and the World Bank in Washington yesterday.A joint statement issued after the meeting said that the two leaders look forward to the Competent Authorities of the two countries engaging in bilateral dialogue to move forward cooperation in these areas. It said, the two nations resolved a significant portion of bilateral tax disputes. Mr Jaitley and Mr Lew were joined by other senior officials from both sides including Federal Reserve Chair Janet Yellen and Reserve Bank of India Governor Raghuram Rajan.Both leaders noted the progress in sharing of financial information between the two countries under the Inter-Governmental Agreement pursuant to Foreign Account Tax Compliance Act (FATCA). The statement said, India and US will continue to engage in discussions on full reciprocal arrangement on the FATCA.Acknowledging enhanced co-operation in tackling money laundering and combating financing of terrorism through increased information sharing and cooperation, the two leaders agreed on the importance of fighting illicit finance in all forms as an important means of tackling global terrorism. The joint statement also said, US will support India's endeavour to find ways to fund its massive drive for building modern infrastructure and to create more jobs. Mr Jaitley said, both the countries are working together to support India's National Investment and Infrastructure Fund in order to increase financing options for India's infrastructure growth. Under the US-India Investment Initiative launched in January last year, the two governments have worked in collaboration with private sector to identify specific policies, regulatory reforms and technical collaboration aimed at mobilising capital from both domestic and foreign investors to build infrastructure and create jobs.Meanwhile, India has expressed concern over the hike in visa fee by the US, saying it is discriminatory and largely affects Indian IT professionals. During a bilateral meeting with US Trade Representative Ambassador Michael Froman in Washington, Mr Jaitley underlined the need for early conclusion of Totalisation Agreement which would benefit Indians working in America.