Thank you George Perkovich for that gracious introduction, and for your own work over several decades to promote peace and security within the region.

It is an honor to speak at the Carnegie Endowment for International Peace, one of the premier think tanks in Washington, and across the world. Jessica Matthews’ success in transforming Carnegie into a global institution serves as the perfect platform for her successor, and my former boss, Ambassador Bill Burns, to carry Carnegie into a new era. In a world as complex as ours, Carnegie is truly fortunate to gain Bill’s unmatched insight and perspective on international affairs – a sentiment shared across the political spectrum.

I just returned from Sri Lanka where I saw the great potential for transformational change resulting from the dramatic elections on January 8th. I can tell you firsthand that Sri Lanka’s new foreign minister is looking forward to his discussion at Carnegie next week to share his government’s vision for an enduring peace and prosperity in Sri Lanka.

It’s a bit humbling to speak before so many South Asia experts on today’s panel, including my good friend Ashley Tellis. And it’s a particular honor to be here today for the launch of Ashley’s latest report on U.S.-India relations. I also see many friends and colleagues from the diplomatic community and Capitol Hill here with us today. Thank you for being here.

This is indeed an exciting time in U.S.-India relations. President Obama was the first American president to be invited as Chief Guest for India’s Republic Day celebration. He was also the first sitting U.S. president to travel to India twice.

We all saw the warm embrace between President Obama and Prime Minister Modi on the tarmac in New Delhi. There was genuine chemistry between our two leaders both in front of the cameras and during their private conversations. Their rapport reflects the aspirations of our citizens, who share a common reverence for democratic governance, pluralistic values, free markets, innovation, and a rules-based international order.

For the first time in our bilateral relations, there can be no doubt about the strength of our joint strategic vision. Our two countries are indispensable partners in promoting peace, prosperity, and stability in the Indo-Pacific region. We are drivers of growth across the region and around the world. And we are net providers of security, together ensuring freedom of navigation and safeguarding maritime security. These values are clearly reflected in our Joint Strategic Vision for the Asia-Pacific and Indian Ocean Region, leaving no doubt about our commitment to a peaceful, prosperous, and stable Asia in the 21st century.

Our leaders also outlined their pledge to bring our citizens together from across the spectrum of human endeavor, formally elevating our partnership in the Delhi Declaration of Friendship. In addition to more frequent summits between our leaders, President Obama and Prime Minister Modi will establish a secure hotline so they can talk in real-time about pressing regional and global challenges.

As the President said during his visit, the progress we have made across every aspect of the relationship demonstrates that the United States and India are not just natural partners – but that America can be India’s best partner.

The visit also marked historic progress on resolving lingering challenges, while laying the foundation to advance our greatest opportunities. During Prime Minister Modi’s unforgettable visit to Washington back in September, the President and the Prime Minister established a joint Contact Group to advance implementation of the Civil Nuclear Cooperation (or “123”) Agreement, set into motion nearly a decade ago by their predecessors President Bush and Prime Minister Singh. This historic agreement would not have been possible without the tireless work of many people in this room today.

After intensive efforts over the past four months by technical and policy experts from both governments, President Obama and Prime Minister Modi were able to endorse the understandings reached by the Contact Group. And thanks to these efforts, we are now able to address the previously contentious issues of nuclear liability and an administrative arrangement to the 123 Agreement.

We believe the understandings reached through our successful diplomacy remove the impediments to civil nuclear cooperation. While the decision to supply U.S. reactors and fuel is ultimately up to U.S. private sector firms, collaboration between our nuclear industries should open the $40 billion Indian civil nuclear power sector to U.S. firms and help bring electricity to the 400 million people in India who lack access to it. Our nuclear partnership should also bolster India’s energy security and reduce its reliance on carbon-intensive fuel sources.

During their meetings last week, both leaders acknowledged the pervasive threat of climate change, and the need to transition to climate-resilient, low-carbon economies. As Prime Minister Modi eloquently explained, it is our duty to provide a cleaner environment for future generations. Making good on that obligation, we have committed to working closely together to achieve a successful climate agreement in Paris later this year. We have also pledged to work in tandem toward the goal of phasing down hydrofluorocarbons (HFCs) under the Montreal Protocol.

Our two countries also concluded negotiations on a five-year MOU on Energy Security, Clean Energy, and Climate Change that, among other things, will allow us to cooperate on improving air quality in India’s cities, as well as reducing emissions from heavy-duty vehicles and transportation fuels.

Trade and investment in the renewable energy sector will be vital to achieve India’s long-term, ambitious energy targets, like increasing solar capacity by 100 gigawatts and providing 24x7 electricity supply to all Indian households within the next decade. To that end, President Obama announced a series of U.S. initiatives that we expect will generate roughly $4 billion in clean and renewable energy trade and investment with India. These initiatives would support thousands of jobs in both of our countries.

We’re looking forward to this month’s launch of the U.S.-India government-to-government Clean Energy Finance Task Force, which will be co-chaired by our Special Envoy for International Energy Affairs Amos Hochstein, on the margins of the RE-Invest Summit in New Delhi. The task force will help overcome strategic barriers to accelerating institutional and private financing of clean and renewable energy sources. Our collaboration on clean and renewable energy finance should dramatically help improve the quality of life of millions of Indians, and spur economic development through energy access.

Renewable energy collaboration and civil nuclear cooperation are just two examples of the limitless potential of our expanding trade relationship. Two-way trade between our economies increased fivefold over the past decade to reach nearly $100 billion today. In their discussions, President Obama and Prime Minister Modi renewed their pledge to accelerate bilateral trade another fivefold to match the level of annual trade between the United States and China.

And it’s not just India that benefits from increased bilateral trade. Cumulative Indian investment in the United States totaled $11 billion in 2013. U.S. goods exports to India totaled $22 billion in 2013, sustaining an estimated 194,000 U.S. jobs. It is a fact that U.S. investments in India create shareholder value in the United States.

Demonstrating their shared goal of fostering an open and predictable climate for bilateral investment, the President and the Prime Minister agreed to resume discussions on a high-standard bilateral investment treaty.

Another concrete sign of our elevated strategic partnership is the expansion of the annual U.S.-India Strategic Dialogue into a new, high-level Strategic and Commercial Dialogue. This will strengthen our commercial and economic ties and hold our bureaucracies accountable for achieving the bold trade, clean energy, and strategic commitments made by our two leaders. The new commercial component of the dialogue will focus on growing our economies, creating good-paying jobs, and strengthening our middle classes.

If you look at how our partnership has transcended the normal bilateral interactions enjoyed by states, it’s hard to imagine anything the United States and India can’t accomplish. We collaborate on joint space exploration projects and work together to fight some of the tiniest microbial organisms plaguing humankind. Under the aegis of the Global Health Security Agenda, we are working together to prevent the spread of highly infectious diseases like Ebola by expanding India’s capacity to detect infectious illnesses before they can devastate vulnerable populations.

During their discussions, President Obama and Prime Minister Modi pledged closer collaboration between our scientific communities in countering the spread of antimicrobial resistance. They also praised our collaboration in developing a rotavirus vaccine that will save the lives of an estimated 80,000 children each year in India alone.

Just last week, top scientists from NASA and the Indian Space Research Organization (ISRO) met at the first face-to-face Mars Working Group. They discussed enhanced cooperation in Mars exploration, including potential coordinated observations and analysis between our countries’ Mars spacecraft: ISRO’s Mars Orbiter Mission and NASA’s MAVEN (Mars Atmosphere and Volatile Evolution Mission) orbiter.

Of course none of the economic, energy, trade, technology, health, space, or scientific components of our relationship can flourish without a peaceful, stable, and secure environment.

That is why we have finalized our ten-year Framework for the U.S.-India Defense Relationship. President Obama and Prime Minister Modi also committed to deepening our maritime security cooperation, and reiterated our intent to upgrade our flagship bilateral MALABAR naval exercise. We have also launched a Knowledge Partnership in Defense Studies between our National Defense Universities, which will build stronger relationships between our military personnel and shape strategic thinking for years to come.

And we took a major step forward in our Defense Technology and Trade Initiative (DTTI). We announced co-production and co-development of four pathfinder projects, the formation of a working group to explore aircraft-carrier technology sharing and design, and cooperation on the development of jet engine technology. Under Secretary of Defense Frank Kendall will travel to India later this month to continue discussions on advancing these and other DTTI projects.

As I noted, our rebalance to Asia and India’s Act East policy demonstrate the convergence of our national security interests in the Indo-Pacific region. We view both an upgraded ministerial-level U.S.-India-Japan Trilateral Dialogue and a strengthened East Asia Summit as ideal fora to enhance our dialogue with the region, as we ensure an open, balanced, and inclusive security architecture for the Indo-Pacific.

Our friendship with India is special and unique, and growing U.S.-India ties will not come at the expense of India’s neighbors. We value our relationship with China, and encourage its peaceful rise within a rules-based system that respects the rights of all sovereign nations and settles disputes amicably.

Across the region, economic connectivity holds untold promise for prosperity, accelerated economic growth, and a reduction in poverty for every country in Asia. Our vision for an Indo-Pacific Economic Corridor can play a helpful role in creating an integrated economic landscape within South and Southeast Asia that includes regional energy markets, new trade and transportation routes and port facilities, and streamlined customs and border procedures.

I mentioned Sri Lanka earlier, but let’s not forget the critical role Bangladesh will play in promoting regional connectivity, with its strategic location serving as a bridge between South and Southeast Asia.

Our joint efforts to connect Central and South Asia will directly contribute to Afghanistan’s long-term economic prosperity and viability as a sovereign state. These efforts complement our New Silk Road initiative, which recognizes the vital importance of economic and energy connectivity as a means of generating shared prosperity, security, and stability in the region.

While the U.S. combat mission in Afghanistan is over, we will continue to be strong and reliable partners for the Afghan people, who have benefitted from India’s and our own generous assistance over many years.

In conclusion, as we gather today to reflect on relations between the United States and India, it is important to appreciate how far we’ve come in 15 years, in 10 years, in 5 years – and even since this time last year.

It is clear that U.S.-India ties have matured from a strategic partnership based on convergent values and interests, into a close friendship built on mutual trust and natural affinity. In channeling this mutual admiration last week, our leaders set a robust agenda and roadmap for future U.S.-India relations.

But we’re not stopping there. Through our recently-announced Joint Working Group on Implementation, the United States will work tirelessly to monitor progress on and implement our leaders’ vision of a relationship that benefits not only our two societies, but indeed the entire world. Our ties represent an incredible opportunity for the United States – for our businesses and our people – to join in shaping India’s leading role in the 21st century. And we’re just getting started.

Thank you and I look forward to taking your questions.