India and US sign Memorandum of Understanding on Semiconductor Supply Chain and Innovation Partnership (India-US Commercial Dialogue), relaunched with a strategic vision, focusing on supply chain stability and diversification and new emerging industries, after a three-year hiatus .
Union Commerce and Industry Minister Piyush Goyal and US Commerce Secretary Gina M. Raimondo signed the agreement today during the Dialogue held in New Delhi.
The last India-US trade dialogue was held in February 2019. Since then, it could not be held due to the pandemic and other factors.
Earlier, the India-US CEO Forum was soft-launched on November 9, 2022 by India’s Minister of Commerce and Industry and the US Secretary of Commerce, which identified its key priorities as improving supply chain sustainability, increasing energy security and reducing overall greenhouse gas emissions. emissions, promoting inclusive digital trade; and contributing to post-pandemic economic recovery, especially for small businesses.
With the US Secretary of Commerce @SecRaimondo Ahead of India-US trade dialogue 🇮🇳 🤝🇺🇸 pic.twitter.com/BSbZMyJvIp
— Piyush Goyal (@PiyushGoyal) March 10, 2023
The MoU seeks to establish a joint mechanism between the two governments for the sustainability and diversification of the semiconductor supply chain, taking into account the US CHIPS and Science Act and India’s Semiconductor Mission.
It aims to leverage the complementary strengths of both countries and promote the development of commercial opportunities and semiconductor innovation ecosystems through discussions on various aspects of the semiconductor value chain. The MoU aims to develop mutually beneficial research and practices, talents and skills.
US Commerce Secretary Gina Raimondo is visiting New Delhi at the invitation of Union Commerce and Industry Minister Piyush Goyal, according to a Commerce Ministry statement.
India is the ninth largest trading partner for the US, and the US is India’s largest trading partner and largest export destination, according to a statement from the Ministry of Commerce and Industry.
Bilateral trade in goods has seen strong growth in calendar year 2022 (CY2022), with the volume of goods exceeding $131 billion, thus doubling since 2014 (in 8 years), while total trade in goods and services is expected to exceed $180 billion.
The US is also the third largest source of foreign direct investment (FDI) for India, while the US is one of the top five investment destinations for India, according to a ministry statement. It was also said that this visit of the US Minister of Commerce will greatly contribute to the further development of trade and commercial relations between the two countries.
(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)