U.S., INDIA FORM FUND TO COMBAT HIV/AIDS

In the wake of President Bush's recent visit to India, Bush and Indian Prime Minister Manmohan Singh have issued a joint statement reporting the formation of the Indo-U.S. Corporate Fund for HIV/AIDS, which aims to encourage private business involvement in fighting HIV/AIDS in India and promote STD prevention.

The U.S. will contribute $7 million to the fund, which will be overseen by the India-based nonprofit GIVE Foundation and ICICI Bank. The fund will solicit donations from Indian and U.S. businesses for HIV/AIDS prevention and treatment programs.

The two countries also agreed to expand cooperation in the field of medical research and development, including speeding up the drug-approval process at the U.S. FDA. Prime Minister Singh praised the FDA's fast-track process for generic antiretroviral (ARV) medications, which since 2005 has facilitated FDA approval of 12 HIV/AIDS-fighting ARVs within a three-month timetable.