United States Secretary of Commerce Gina Raimondo and Union Minister Of Commerce & Industry, Consumer Affairs & Food & Public Distribution And Textiles Piyush Goyal held delegation-level talks on Friday. A Commercial Dialogue was held and several Memorandums of Understanding were signed between India and the US.
During the joint statement, the US Secretary of Commerce said that both India and the US have recognised they have to be a quality supplier as well as a quality consumer of goods and services.
While announcing that many companies in the US are interested in investing in India, Raimondo said, “Many of the actions that India has taken under Prime Minister Modi’s leadership, even over the past couple of years, make India an even more attractive place to do business. More transparency, the rapid move to a digital economy, absolutely zero tolerance for corruption, all of those things make India an even more attractive partner.”
On the invitation of Minister of Commerce and Industry Piyush Goyal, the US Secretary of Commerce Gina Raimondo visited New Delhi, India from March 7 to 10, 2023, to participate in the India-US bilateral Commercial Dialogue 2023.
Co-chaired by the Minister and the Secretary, the Commercial Dialogue is part of ongoing efforts to strengthen the US-India Comprehensive Global Strategic Partnership.
The India-US Commercial Dialogue meeting was held on 10 March 2023 at Vanijya Bhawan, New Delhi. During the meeting, the Minister and the Secretary acknowledged that the bilateral goods and services trade has almost doubled since 2014, surpassing USD 191 billion recorded in 2022. Both sides welcomed further steps to enhance their commercial collaboration and tap into market potential across multiple sectors, and also enable an environment for investment by small and medium-sized industries (MSME) and startups.
Secretary Raimondo applauded the steps undertaken under the National Infrastructure Pipeline and PM Gati Shakti National Master Plan. The Minister and the Secretary welcomed the US-India initiative on Critical and Emerging Technology (iCET). The Ministers also noted India’s interest in partnering with the United States in developing a secure pharmaceutical manufacturing base and diversifying supply chains for critical and strategic minerals (including rare earths).
One of the major outcomes was signing of the Memorandum of Understanding (MoU) on establishing a semiconductor supply chain and innovation partnership under the framework of the India – US Commercial Dialogue.
Both Ministers recognized that small businesses and entrepreneurs are the lifeblood of the U.S. and Indian economies and there is need to facilitate collaboration between the SMEs of the two countries and to foster innovation ecosystems that facilitate their post-pandemic economic recovery and growth. In this context, Both sides announced the launch of a new Working Group on Talent, Innovation and Inclusive Growth under the Commercial Dialogue. This will further the cooperation on startups, SMEs, Skill Development and Entrepreneurship including in digital and emergent technologies.
This working group would also support the efforts under iCET, particularly in identifying specific regulatory hurdles that hinder cooperation and fostering of greater connectivity between our innovation ecosystems (including tech start-ups).
Re-launched the Travel and Tourism Working Group to continue the progress from before the pandemic and to also address the many new challenges and opportunities to create a stronger travel and tourism sector. The activities of this working group also support SMEs as the travel & tourism sector comprises SMEs such as hotels, restaurants, travel agents, handicrafts and so on.
Launched Standards and Conformance Cooperation Program (Phase III) to be carried out in partnership between ANSI (American National Standard Institute) from the US side and BIS (Bureau of Indian Standards from Indian side in furtherance of standards cooperation.
EAM and Secretary Raimondo launched “strategic trade dialogue” focusing on which will address export controls, explore ways of enhancing high-technology commerce, and facilitate technology transfer between the two countries.
US side will send a senior government official-led Clean Energy and Environmental Technology Business Development Mission to India in 2024. The trade mission would be an opportunity to further foster U.S.-Indian business partnerships in grid modernization and smart grid solutions, renewable energy, energy storage, hydrogen, liquefied natural gas, and environmental technology solutions.
Both sides also pledged to work together in the Global Biofuels Alliance and in the development and deployment of hydrogen technologies.
Announcement regarding US-India Energy Industry Network (EIN) as a broad platform for facilitating U.S. industry involvement in the Clean EDGE Asia initiative, the U.S. government’s signature initiative to grow sustainable and secure clean energy markets throughout the Indo-Pacific region. EIN will be a platform to discuss opportunities in the Indian energy sector and Indian companies will also be able to participate in the activities under the EIN (roundtable discussions, webinars, and other activities).
Both sides expressed interest in working together in developing next-generation standards in telecommunications, including 6G.
Secretary Raimondo welcomed India’s ongoing G20 Presidency. The Ministers expressed interest to look forward to the next Commercial Dialogue meeting, to be held in Washington, DC, in 2024 contributing towards a growing strategic and economic relationship between India and the United States.
She led a high-level Business delegation of US CEOs for the CEO Forum. CEO Forum is also focusing on shared strategic priorities in an outcome-oriented way. The CEO Forum was also re-launched in November 2022.
During the visit, she attended Holi celebrations at the Defence Minister’s Residence. She held bilateral meetings with other ministers. She also visited Textile Exhibition at Handloom Haat, Janpath focusing on Women and Sustainability. (ANI)