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NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. India signs nuclear liability pact, a U.S. demand Tweet This Share on LinkedIn Share on Facebook VIENNA (Reuters) - India signed an international treaty governing global civil nuclear liability on Wednesday, a step sought by Washington to reassure U.S. suppliers entering the country's fledgling $150 billion atomic power market. The signing took... Factbox FACTBOX-Corporate America's wish-list for Obama India trip Tue, Oct 26 2010 Related News U.S. welcomes India's signing of nuclear liability pact 1:36pm EDT India's IT aims to soften image as Obama visits 5:50am EDT Iran fuels up nuclear plant as sanctions bite Tue, Oct 26 2010 WRAPUP 2-Iran fuels up nuclear plant as sanctions bite Tue, Oct 26 2010 Analysis & Opinion Obama in India next month;ripples in the region Related Topics World » Stocks VIENNA | Wed Oct 27, 2010 4:22pm EDT VIENNA (Reuters) - India signed an international treaty governing global civil nuclear liability on Wednesday, a step sought by Washington to reassure U.S. suppliers entering the country's fledgling $150 billion atomic power market. The signing took place at the headquarters of the U.N. nuclear watchdog in Vienna, a little over a week before U.S. President Barack Obama visits India, when he will meet U.S. business leaders in Asia's third-largest economy. India's parliament passed legislation in August to open up the domestic nuclear market. But its nuclear liability law also gives the right to seek damages from plant suppliers if there is an accident. India is the only country to have such a provision, which was added after wide political pressure. The entry of firms like General Electric and Westinghouse Electric, a U.S.-based unit of Toshiba, is seen as uncertain unless India provides more clarity on compensation liability for private operators. The United States has pressed India to accede to the multilateral Convention on Supplementary Compensation for Nuclear Damage (CSC) to assure its suppliers any liabilities would be in line with international norms. There is some fear in India that signing up to the treaty could dilute its domestic provisions for supplier responsibility. But most commentators say it will help reassure U.S. firms that India is part of a global grid on nuclear commerce. "AMERICAN PRESSURE" "The CSC is silent on the right to recourse or on the limitations. By itself the CSC does not help American companies," said Indian political commentator Praful Biwai. "So the Americans won't be very happy and will continue to press for some exceptions (in the domestic law)." The Hindu newspaper said this week the government may sign the convention ahead of Obama's visit as a "means of short-circuiting American pressure to amend" its liability law. But an Indian diplomat in Vienna said signing the CSC, which has yet to come into force, was part of New Delhi's commitments under a two-year-old nuclear accord with Washington and that it would not affect the domestic legislation. The United States welcomed India's signing of the pact and said it would help promote trade between the two countries. "It is a very positive step to assure that international standards apply, and U.S. companies will have a level playing field to compete," Undersecretary of State for Political Affairs William Burns told a White House briefing. The landmark 2008 civilian nuclear cooperation agreement ended India's atomic isolation following its 1974 nuclear test and could mean billions of dollars in business for U.S. firms. Opening up the nuclear sector will facilitate the building of nuclear plants and reduce energy deficits in a country where lack of adequate power has been a drag on economic growth. The CSC would establish a global legal regime for the compensation of victims in case of a nuclear accident. Fourteen countries, including the United States, have so far signed it. It also includes provisions on a nuclear operators financial liability and requires that operators maintain insurance or other financial security measures. (Reporting by Fredrik Dahl in Vienna, Krittivas Mukherjee and C.J. Kuncheria in New Delhi and Ross Colvin in Washington; Editing by Andrew Roche and Jerry Norton) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. 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