The two biggest democracies in the world India and the United States, stalled commercial dialogue after 3years, on March 10, 2023, and re-launch their commercial dialogue to discuss supply chain issues and agree upon a semiconductor partnership scheme. Union Minister of Commerce and Industry Piyush Goyal and US Commerce Secretary Gina Raimondo speak to the press conference at the India-USA commercial dialogue. The commercial dialogue focused on several emerging areas, including developing supply chains, talent development, facilitating clean energy cooperation, and post-pandemic economic recovery for small businesses and start-ups.
Both dignitaries spoke about the strategic alliance between India and the United States as well as bilateral trade and economic cooperation
Both dignitaries spoke about the strategic alliance between India and the United States as well as bilateral trade and economic cooperation, especially through the iCET (Initiative on Critical Emerging Technologies) and the IPEF (Indo-Pacific Economic Framework). At the conference, US Secretary Gina Raimondo and Minister Piyush Goyal acknowledged that the bilateral trade in goods and services has nearly doubled since 2014 and will top 191 billion dollars in 2022. Both countries welcomed additional initiatives to strengthen their commercial cooperation, tap into market potential across many sectors, and create an environment that would encourage investment by startups and medium- and small-sized businesses (MSME).
Gina Raimondo praised the steps undertaken under the PM GatiShakti NMP and National Infrastructure Pipeline
Gina Raimondo praised the steps undertaken under the PM GatiShakti NMP and National Infrastructure Pipeline. Piyush Goyal and Gina Raimondo applauded the India-US initiatives on iCET. The ministers also took note of India’s interest in collaborating with the US to establish a safe pharmaceutical manufacturing base and to diversify the supply of vital and important minerals. To foster collaboration in the industry, the two countries signed an MoU (Memorandum of Understanding) on semiconductor supply chain and innovation partnership. This information comes only a week after news that Apple Inc. partner Foxconn Technology Group intended to spend nearly $700 billion on a new manufacturing facility in Bangalore to increase local output.
According to both ministers, small businesses and entrepreneurs are the backbones of the US and Indian economies, and the Commercial Dialogue must help stimulate collaboration between SMEs in the two nations as well as innovation and inclusive growth. This will strengthen the partnership in the areas of entrepreneurship, skill development, SMEs, and startups, especially those involving new and emerging technologies. This working group would also support iCET’s initiatives, particularly in identifying specific regulatory barriers that stand in the way of collaboration and promoting improved connectivity between both countries’ innovation systems, including those of tech companies.
Both countries jointly announced the Standards and Conformance Cooperation Program, which will be carried out in conjunction between the US’s ANSI (American National Standard Institute) and India’s BIS (Bureau of Indian Standards) standards cooperation. Also, they indicated an interest in collaborating on the creation of 6G and other next-generation telecommunications technologies.