Union Commerce and Industry Minister Piyush Goyal and US Commerce Secretary Gina Raimondo during the India-US CEO Forum in Washington, USA. | Photo: PTI
Union Commerce and Industry Minister Piyush Goyal and US Commerce Secretary Gina Raimondo held the 6th Trade Dialogue here on Thursday (October 4, 2024), during which they reviewed progress made in semiconductor supply chains, the innovation handshake, the energy industry network and The Indo-Pacific Economic Framework for Prosperity.
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A day earlier, the two leaders signed a new memorandum of understanding (MOU) on expansion and diversification critical minerals supply chainswith the aim of leveraging the complementary strengths of both countries to ensure greater sustainability in the critical minerals sector.
Priority areas of focus include identifying equipment, services, policies and best practices to facilitate the mutually beneficial commercial development of exploration, mining, processing and refining, recycling and recovery of critical minerals in the US and India, a media release said.
During the trade dialogue, Mr. Goyal and Ms. Raimondo praised the continued efforts of both countries to facilitate sustainable, secure and sustainable semiconductor supply chains.
Following the signing of the Memorandum of Understanding Establishing a Semiconductor Supply Chain and Innovation Partnership under the US-India Trade Dialogue, the US Semiconductor Industry Association and the Semiconductor Electronics Association of India have completed their private sector ‘Readiness Assessment’ , launched under the US-India Critical and Emerging Technologies Initiative to identify near-term industry opportunities and facilitate longer-term strategic development of complementary semiconductor ecosystems.
Mr Goyal and Ms Raimondo pledged to continue working on the memorandum of understanding to facilitate collaboration between US and Indian companies towards mutually beneficial business opportunities, such as investments, joint ventures and technology partnerships, and to promote talent and workforce development to the benefit of both parties, the Ministry of Commerce said in a statement.
The two leaders hailed the success of the two round tables convened in San Francisco in November 2023 and in New Delhi in March 2024, bringing together the startup ecosystems of the two countries and taking forward their ambitions under the Memorandum of Understanding to Enhance Innovation Ecosystems by Handshake for Innovation in the US-India Trade Dialogue.
They praised the work done at the EIN Roundtable organized during the Clean EDGE Business Development Mission and Green Technologies in New Delhi in March. The trade mission brought 12 US companies to India to help develop sustainable and secure clean energy markets and accelerate the adoption of green solutions in India.
The views exchanged during the EIN roundtable helped inform the US-India Strategic Clean Energy Partnership (SCEP) convened by the US Secretary of Energy and India’s Minister of Petroleum and Natural Gas in Washington on September 16, it said in the media release.
They also praised the significant progress announced at the IPEF Virtual Ministerial last month, including the work being done to improve supply chain sustainability under the IPEF Supply Chain Agreement for IPEF Partners.
They underlined their commitment to cooperate initially in the critical areas of semiconductors, chemicals and critical minerals with a focus on batteries and potentially healthcare products as agreed by the IPEF Supply Chain Council.
Mr. Goyal and Ms. Raimondo reviewed other joint efforts that have been undertaken, including under the India-US Strategic Trade Dialogue and the Standards and Compliance Cooperation Program (SCCP). Looking ahead, they discussed several priorities for future cooperation, including important minerals.
The Secretary and the Minister looked forward to the US Department of Commerce-led Global Diversity Export Initiative trade mission to India in early March 2025, with a focus on expanding India’s market opportunities for US-owned SMEs, managed or led by members of underserved communities.
The two leaders welcomed plans to expand the US Commerce Department’s presence in India to a total of about 70 Foreign Trade Service personnel in seven cities.
In Bengaluru, where the State Department plans to open a new U.S. consulate, a new position will be created to serve as a one-stop resource for U.S. and Indian startups and SMEs and help advance both countries’ plans for SME presidents A forum to explore greater SME engagement, sharing of best practices, peer learning, support for women entrepreneurs and women-owned businesses, green technology, access to digital market platforms and integration into global value chains, it said in the media release.
Published – 04 Oct 2024, 09:55 AM IST
