US-India Commercial Dialogue on 10 March. Here's what to expect
1 min read 10 Mar 2023, 02:35 AM ISTAs per the details, the US-India Commercial Dialogue is taking place after a gap of three years, where both the global leaders are expected to discuss government-to government deals on businesses facilitating trade and maximising investment.
PremiumThe US-India Commercial Dialogue is all set to take place on 10 March with the United States looking at finding common grounds with India for new trade and investment opportunities in various sectors. Commerce Secretary Gina Raimondo met Union Finance Minister Nirmala Sitharaman on 9 March, a day ahead of the Dialogue to set the common issues that can be discussed when they meet again.
As per the details, the US-India Commercial Dialogue is taking place after a gap of three years, where both the global leaders are expected to discuss government-to government deals on businesses facilitating trade and maximising investment.
Raimondo had earlier said that the US see India playing a more significant role in the electronic supply chain. Her visit comes at a time where the US is looking to shift away from China.
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In her visit in 2022, US Treasury Secretary Janet Yellen, she had expressed US' intention to forge partnership with India, thereby reducing dependency on China for products.
"We would like to see India achieves its aspirations to play a larger role in the electronic supply chain. And to that end, the MOU memorandum of understanding that I am signing on this trip around semiconductors is designed to help achieve that goal," ANI quoted Raimondo as saying.
Meanwhile, the Narendra Modi government is providing subsidies for domestic manufacturing of chips as the country is looking to become 'Atmanirbhar' (self-sufficient) in this sector.
While on the other side, speaking with at a CNBC TV show in the US, Raimondo has shared its concern of the issues of building manufacturing partnerships with India, as it feels India needs to comply with labour standards as part of any deal.
Apart from this, regulation is another concern, which is expected to be sorted out during the US-India Commercial Dialogue.
According to a report, published by Economic Times, India is the ninth largest trading partner of the US, while the US is India's largest trading partner and the largest export destination. In 2022, the bilateral trade in goods crossed $131 billion. Total trade in goods and services is expected to cross $180 billion this year, the report added.
With agency inputs.
