Union Minister of Commerce and Trade Piyush Goyal and US Commerce Secretary Gina Raimondo in the course of the India-US CEO Discussion board in Washington DC, USA. | Picture Credit score: PTI
Union Minister of Commerce and Trade Piyush Goyal and US Commerce Secretary Gina Raimondo held the sixth Commerce Dialogue right here on Thursday (October 4, 2024), throughout which they reviewed the progress made in semiconductor provide chains, the innovation handshake, the power business community and the Indo-Pacific Financial Framework for Prosperity.
A day earlier, the 2 leaders signed a brand new memorandum of understanding (MoU) to increase and diversify important minerals provide chains, aiming to leverage the 2 nations’ complementary strengths to make sure higher resilience within the minerals sector. critics.
Precedence areas of focus embrace figuring out gear, providers, insurance policies and finest practices to facilitate mutually useful industrial improvement of the exploration, extraction, processing and refining, recycling and restoration of important minerals from the US and India, in accordance with an announcement from press.
Through the commerce dialogue, Goyal and Raimondo praised the continued efforts of either side to facilitate resilient, safe and sustainable semiconductor provide chains.
For the reason that signing of the MoU establishing a semiconductor provide chain and innovation partnership below the US-India Commerce Dialogue, the US Semiconductor Trade Affiliation and the Indian Digital Semiconductor Affiliation have accomplished their non-public sector “readiness evaluation”, initiated below the US-India Initiative on Important and Rising Know-how to determine near-term industrial alternatives and facilitate the long-term strategic improvement of complementary semiconductor ecosystems.
Mr. Goyal and Ms. Raimondo dedicated to proceed working below the MoU to facilitate collaboration between US and Indian corporations in direction of mutually useful enterprise alternatives, resembling investments, joint ventures and know-how partnerships, and promote the event of expertise and power labor for the good thing about each nations. the Commerce Division mentioned in an announcement.
The 2 leaders welcomed the success of the 2 roundtables convened in San Francisco in November 2023 and in New Delhi in March 2024, bringing the startup ecosystems of the 2 nations nearer collectively and taking ahead their ambitions below the MoU to enhance innovation ecosystems by an innovation handshake. inside the framework of the United States-India Commerce Dialogue.
They praised the work accomplished on the EIN Roundtable organized in the course of the Clear EDGE and Environmental Applied sciences Enterprise Improvement Mission in New Delhi in March. The commerce mission introduced 12 US corporations to India to assist develop sustainable and safe clear power markets and speed up the adoption of environmental options in India.
Views exchanged in the course of the EIN Roundtable helped inform the US-India Strategic Clear Power Partnership (SCEP) ministerial assembly convened by the US power secretary and the Indian minister of Petroleum and Pure Fuel in Washington on Sept. 16, in accordance with the press launch.
In addition they praised the essential progress introduced on the IPEF digital ministerial assembly final month, together with the work being accomplished to enhance provide chain resilience below the IPEF Provide Chain Settlement for IPEF companions.
They highlighted their dedication to collaborate initially within the important areas of semiconductors, chemical compounds and demanding minerals with a concentrate on batteries and probably healthcare merchandise, as agreed by the IPEF Provide Chain Council.
Mr. Goyal and Ms. Raimondo reviewed different joint efforts which have been made, together with below the India-US Strategic Commerce Dialogue and the Requirements and Compliance Cooperation Program (SCCP). Trying forward, they mentioned a number of priorities for future collaboration, together with important minerals.
The Secretary and Minister regarded ahead to the US Division of Commerce-led International Variety Export Initiative commerce mission to India in early March 2025, with a concentrate on increasing alternatives available in the market Indian for US SMEs which might be owned, operated or directed by members. of underserved communities.
The 2 leaders applauded plans to increase the US Commerce Division’s presence in India to a complete of about 70 International Industrial Service staff in seven cities.
In Bengaluru, the place the State Division plans to open a brand new US consulate, a brand new submit will likely be created to function a one-stop useful resource for US and Indian startups and SMEs and to assist advance each events’ plans for an SME. ‘ Discussion board to discover higher SME participation, sharing of finest practices, peer-to-peer studying, help for girls entrepreneurs and women-owned companies, inexperienced know-how, entry to digital market platforms and integration into world worth chains, in accordance with the press launch.
Printed – October 4, 2024 09:55 am IST