India-US Strategic Trade Dialogue to be launched for increasing high technology commerce
The two sides are looking to deepen their economic and commercial engagement
India and the US have will launch a Strategic Trade Dialogue to explore ways of enhancing high technology commerce, the Ministry of External Affairs (MEA) said on Thursday. It will also address export controls and facilitate technology transfer between the two countries.
The decision was taken during a meeting between visiting US Commerce Secretary Gina Raimondo and External Affairs Minister S Jaishankar in New Delhi.
According to the MEA, they had a productive discussion about the India-US strategic partnership and ongoing efforts to deepen the economic and commercial engagement between the two countries including through the initiative on Critical and Emerging Technology (iCET) and the Indo-Pacific Economic Framework (IPEF).
They also concurred on the need for increased bilateral strategic and high technology trade given the shared priorities of both countries in building resilient and trusted global supply chains.
It is in this context that the two sides agreed to launch the India-US Strategic Trade Dialogue. The mechanism will be led by Foreign Secretary, Ministry of External Affairs of India, and Under Secretary, Bureau of Industry and Security in US Department of Commerce.
According to a readout of the meeting by the US Department of Commerce, Secretary Raimondo underscored the importance of the U.S.-India bilateral relationship to the Biden Administration and the Department, including ongoing collaboration and potential for closer commercial ties through the U.S.-India CEO Forum (CEO Forum) and the U.S.-India Commercial Dialogue, which she is co-hosting with Indian Minister of Commerce and Industry Piyush Goyal tomorrow.
Secretary Raimondo thanked the Minister for India’s continued support on the Indo-Pacific Economic Framework for Prosperity (IPEF), and raised the importance of the Framework to enhance the economic competitiveness of the United States, India, and the other IPEF partners, the readout added.
Union Minister of Education and Skill Development and Entrepreneurship Dharmendra Pradhan also met with Secretary Raimondo separately to discuss forging stronger linkages between India and the US in the skilling sector.
During the meeting, both leaders agreed to strengthen institutional mechanisms for making the Indian skill ecosystem more vibrant as well as for building the workforce of the future. They also discussed ways to create lifelong learning opportunities on a large scale and deepen collaborations in Skilling, Start-ups, and SMEs.
Subsequently, both agreed that the size of India’s workforce and the size of opportunities in critical and emerging technologies in the US can be aligned for mutual benefit to both countries.
Union Minister Pradhan also appreciated Secretary Raimondo’s high regard for Prime Minister Narendra Modi’s leadership and vision for India’s fast-paced growth.
This is Secretary Raimondo's first visit to India as Commerce Secretary.
The meetings mark a significant step in the ongoing efforts to strengthen economic and commercial ties between India and the US. Both countries share a commitment to building a robust and resilient global economy, and these discussions represent a step toward achieving this goal.