The India-US Fifth Commercial Dialogue meeting was held in New Delhi on 10th March.
The Commercial Dialogue is a part of ongoing efforts to strengthen US-India Comprehensive Global Strategic Partnership.
During the meeting, Indian Union Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce, Gina Raimondo acknowledged that bilateral goods and services trade has almost doubled since 2014, surpassing $191 billion dollars as recorded in 2022.
Both the ministers signed Memorandum of Understanding (MoU) on semiconductor supply chain and innovation partnership.
Both sides welcomed further steps to enhance their commercial collaboration and tap into market potential across multiple sectors, and also enable an environment for investment by small and medium-sized industries and startups.
Small businesses and entrepreneurs are the lifeblood of the US and Indian economies.
There is a need to facilitate collaboration between the SMEs of the two countries while fostering innovation ecosystems that facilitate their post-pandemic economic recovery and growth.
In this context, both sides announced the launch of a new Working Group on Talent, Innovation and Inclusive Growth under the Commercial Dialogue. This will further the cooperation on Start-ups, SMEs, Skill Development and Entrepreneurship, including in digital and emergent technologies.
A Memorandum of Understanding on establishing a semiconductor supply chain and innovation partnership under the framework of India – US Commercial Dialogue was signed between the two countries.
Key Takeaways
- The last India-US Commercial Dialogue was held in February 2019.
- India is the ninth largest trading partner for the US, while the US is India's largest trading partner and the largest export destination.
- The US is one of the top five investment destinations for India.
- The US is also the third biggest source of foreign direct investment (FDI) for India.
