Ms. Gina Raimondo, United States (US) Secretary of Commerce, visited New Delhi, India, from March 7-10, 2023, on the invitation of Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles.
- During the visit, the India-US (United States) Commercial Dialogue 2023 and CEO Forum were held on March 10, 2023, to discuss collaboration in several areas that could open up new trade and investment opportunities between the two countries.
India-US Commercial Dialogue 2023 (5th edition) & CEO Forum
The India-US Commercial Dialogue 2023 (5th edition), co-chaired by Union Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo, is part of ongoing efforts to strengthen the US-India Comprehensive Global Strategic Partnership.
- Gina Raimondo led a high-level business delegation of US Chief Executive Officers (CEOs) for the CEO Forum.
- The CEO Forum, which was itself re-launched in November 2022, also focused on shared strategic priorities in an outcome-oriented way.
Backdrop
i.The India-US Commercial Dialogue is an initiative that brings together regular government-to-government discussions and meetings of the private sector.
- It seeks to facilitate trade and enhance investment opportunities across a wide range of economic sectors.
- The last India-US Commercial Dialogue was held in February 2019.
ii.On November 9, 2022, the US Secretary of Commerce and the Indian Minister of Commerce and Industry held a videoconference to formally launch the India-US CEO Forum.
- The identified key priorities of the forum were: increasing supply chain resilience; enhancing energy security; reducing overall greenhouse gas emissions; advancing inclusive digital trade; and facilitating post-pandemic economic recovery, especially for small businesses.
India & US: Trade, Commerce and Economy
i.India is the ninth-largest trading partner of the US, while the US is India’s largest trading partner and largest export destination.
ii.During the calendar year (CY) 2022, bilateral trade in goods exceeded USD 131 billion, doubling from 2014 (in 8 years), while total trade in goods and services is predicted to exceed USD 180 billion.
iii.The USA is one of India’s top 5 investment destinations and the third-largest source of foreign direct investment (FDI) for India.
India & US Ink MoU On Semiconductor Supply Chain, Innovation Partnership
During the India-US Commercial Dialogue in 2023, a Memorandum of Understanding (MoU) was signed between India and the US to develop a semiconductor supply chain and innovation partnership.
Key Points:
i.The MoU aspires to establish a collaborative mechanism between the two governments on semiconductor supply chain resiliency and diversification, in light of the US’s Creating Helpful Incentives to Produce Semiconductors and Science Act (CHIPS Act) and India Semiconductor Mission (ISM).
- It intends to leverage the complementary strengths of both countries and encourage commercial opportunities and the growth of semiconductor innovation ecosystems.
ii.Furthermore, the Agreement envisions mutually beneficial R&D, talent, and skill development.
Recent Related News:
In February 2023, Mukesh Aghi, president and Chief Executive Officer (CEO) of the United States(U.S.)-India Strategic Partnership Forum (USISPF) launched the U.S.-India Alliance for Women’s Economic Empowerment STEM Initiative (STEM Collaborative) to increase the number of women in Science, Technology, Engineering, and Mathematics (STEM) education and the workforce in India.
The STEM initiative was launched during the US-India Alliance Shatter Summit.
About the United States (US):
President – Joseph Robinette Biden Jr.
Capital – Washington, D.C., US
Currency – US Dollar (USD)
