An MOU on semiconductors and certain statements about the US-India Strategic Trade Dialogue marked the conclusion of the recent visit to India by US Secretary of Commerce Gina Raimondo. In accordance with the US-India Joint Leaders’ Declaration of September 2021, the Commercial Dialogue was re-launched with a renewed emphasis on the future and developing areas of bilateral commercial collaboration.
By nearly doubling since 2014 and expected to reach $191 billion in 2022, the bilateral trade in products and services between the US and India has shown significant growth for both nations. By 2022, the United States will overtake China as India’s main trading partner; therefore, both countries are stepping up efforts to improve their business ties and capitalize on market opportunities in a variety of industries.
The US-India Business Council of the US Chamber of Commerce believes that this partnership in high-value industries will ultimately pave the way to both sides’ shared goal of $500 billion in bilateral trade as both sides envision further coordination on how to foster an enabling environment for increased investment, including small and medium-sized enterprises (SMEs) and start-up companies.
“A crucial first step to releasing the private sector’s aspirations is to address the problems with export restrictions and technological transfers. These conversations could usher in a new era of business-to-business collaboration in co-development and co-production for cutting-edge commercial and strategic technologies if they are successful. Our common goal of $500 billion in bilateral commerce will ultimately be made possible by these alliances in high-value industries, according to Ambassador Atul Keshap, head of the US-India Business Council of the US Chamber of Commerce.
The conversation gives the US-India Initiative on Critical and Emerging Technologies (CET) more momentum. The initiative was introduced in January at an industry roundtable at the US Chamber of Commerce. The industry, which has long urged both governments to rekindle discussions about high technologies and export controls to eliminate obstacles to more extensive corporate collaborations in sophisticated areas, applauds these actions.
