In a move of far-reaching consequences for Indo-US relations, Prime Minister Atal Bihari Vajpayee and the US President agreed to hold regular bilateral summits in alternating capitals or elsewhere, including on the occasions of multilateral meetings, to review the bilateral relations and consult on international developments and issues. Frequent contact will be maintained through telephone and letters.

A vision statement to this effect was signed by both the premiers after the summit-level meeting at New Delhi's Hyderabad House.

Agreeing to preserve stability and growth in the global economy and support an open, equitable and transparent rule-based multilateral trading system, the statement outlined an architecture for achieving the goals, wherein the the two leaders decided to institutionalise bilateral economic dialogue and keep themselves informed through a high-level coordinating group, led on the Indian side by the Prime Minister's Office with the support of ministry of external affairs and on the US side by the White House with the support of the State Department.

The coordinating group will develop a common economic agenda for and undertake preparations for the heads of government meetings. A financial and commercial dialogue will be initiated as an on-going exercise and a joint working group would be established to serve as a locus of consultation on a broad range of trade-related issues, including those pertaining to the World Trad Organisation (WTO). It would receive inputs from the private sector, including trade policy issues identified by the Indo-US Commercial Dialogue.

An Indo-US financial and economic forum will be established by the finance ministry and the US Secretary of the Treasury to deal with finance and investment issues, macro-economic policy and international economic developments. Ministerial level meetings will be held at regular intervals. Supplemented by sub-Cabinet meetings, they will involve the participation of the Securities and Exchange Commission, Federal Reserve, Council of Economic Advisors, and other officials of the US government and the Securities and Exchange Board of India, the Reserve Bank and other government officials.The Indo-US commercial dialogue will be undertaken by the commerce and industry ministry and the US Secretary of Commerce.

It will encompass regular government-to-government meetings to be held in conjunction with private sector meetings with the aim of facilitating trade and maximise investment opportunities across a broad range of economic sectors, including information technology, infrastructure, biotechnology and services.