Piyush Goyal and Gina Raimondo Strengthen US-India Economic Ties in 6th Commercial Dialogue
Washington: In a significant move to bolster economic collaboration, Minister of Commerce and Industry Piyush Goyal and US Commerce Secretary Gina Raimondo convened for the 6th Commercial Dialogue in Washington on Thursday. The meeting focused on various critical areas, including advancements in semiconductor supply chains, innovation initiatives, and the Indo-Pacific Economic Framework for Prosperity.
Just a day prior, Goyal and Raimondo signed a new memorandum of understanding (MoU) aimed at diversifying and expanding critical minerals supply chains. This initiative seeks to leverage the complementary strengths of both nations to enhance resilience in the critical minerals sector.
Key priorities outlined in the MoU include the identification of essential equipment, services, policies, and best practices to foster the commercial development of critical minerals exploration, extraction, processing, refining, recycling, and recovery between the US and India.
During the dialogue, both leaders commended the ongoing efforts to secure sustainable and resilient semiconductor supply chains. Following the establishment of the semiconductor supply chain MoU, private sector assessments have been conducted to identify immediate industry opportunities and promote long-term strategic growth in semiconductor ecosystems.
Goyal and Raimondo reiterated their commitment to fostering collaboration between US and Indian companies. This includes exploring investments, joint ventures, and technology partnerships, alongside promoting talent development to benefit both nations.
The success of recent roundtables, held in San Francisco and New Delhi, was acknowledged for furthering the alignment of the two countries’ startup ecosystems and enhancing innovation through an “innovation handshake.”
Furthermore, progress on the Environmental Technologies Business Development Mission was noted, highlighting efforts to advance clean energy markets in India. The discussions also informed the US-India Strategic Clean Energy Partnership (SCEP) ministerial meeting held in September.
The leaders emphasized their commitment to improving supply chain resilience through the Indo-Pacific Economic Framework (IPEF), particularly in critical sectors such as semiconductors and healthcare products.
Looking ahead, Goyal and Raimondo discussed upcoming initiatives, including a trade mission focused on expanding opportunities for US small and medium-sized enterprises (SMEs) in the Indian market. Plans to enhance the US Department of Commerce’s presence in India were also announced, aiming to support startups and promote greater engagement with underserved communities.
Overall, the dialogue reinforced the strategic partnership between the US and India, setting the stage for continued cooperation in critical economic sectors and addressing global challenges.
