India-USA Commercial Dialogue relaunched |
After a three-year hiatus, India and the United States have re-launched their commercial dialogue to discuss supply chain issues and agree upon a semiconductor partnership initiative. US Commerce Secretary Gina Raimondo and India`s Union Minister of Commerce and Industry Piyush Goyal jointly addressed a press conference on March 10 at the India-USA Commercial Dialogue. The dialogue focused on several emerging areas, including building supply chains, facilitating clean energy cooperation, talent development, and post-pandemic economic recovery for start-ups and small businesses. As part of the commercial dialogue, an MoU was signed to establish semiconductor supply chains and innovation partnerships. Both India and the US recognized that the startup ecosystem and small businesses are the lifeblood of both nations. The MOU will pave the way for greater collaboration and coordination between the US Chips Act and India`s SEMICON program. India and the US will coordinate and collaborate on the implementation of their respective programs and the manner in which incentives are given to companies. A new working group as a part of the commercial dialogue was also launched to facilitate the partnership. On the occasion, Goyal said, "One of the successful things in this dialogue was signing the Memorandum of Understanding on the Semiconductor supply chain.” Raimondo praised India for its incredible culture and thanked Goyal for hosting the US delegation and showcasing the nation`s culture. She said it was an "incredible opportunity" for her to experience Indian culture, making the country a special place. Goyal also thanked Raimondo for the US support to India`s G20 presidency and said he was confident of significant outcomes coming out of the Indo-Pacific Economic Framework for Prosperity.
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