Union Minister for Commerce & Industry Piyush Goyal with US Secretary of Commerce Gina Raimondo and other dignitaries during the India-US CEO Forum, in Washington DC, USA.
Credit: PTI Photo
Washington: Minister of Commerce and Industry Piyush Goyal and US Commerce Secretary Gina Raimondo held the 6th Commercial Dialogue here on Thursday during which they reviewed the progress made in semiconductors supply chains, innovation handshake, energy-industry network and the Indo-Pacific Economic Framework for Prosperity.
A day earlier, the two leaders signed a new memorandum of understanding (MoU) to expand and diversify critical minerals supply chains, with the aim of leveraging the two countries' complementary strengths to ensure greater resilience in the critical minerals sector.
Priority areas of focus include identifying equipment, services, policies and best practices to facilitate the mutually-beneficial commercial development of the US and Indian critical minerals exploration, extraction, processing and refining, recycling and recovery, a media release said.
During the commercial dialogue, Goyal and Raimondo praised the two sides' continuing efforts to facilitate resilient, secure and sustainable semiconductor supply chains.
Since the signing of the MoU establishing a semiconductor supply chain and an innovation partnership under the framework of the US-India Commercial Dialogue, the US Semiconductor Industry Association and the India Electronics Semiconductor Association have completed their private sector "readiness assessment", launched under the US-India initiative on critical and emerging technology to identify near-term industry opportunities and facilitate longer-term strategic development of complementary semiconductor ecosystems.
Goyal and Raimondo pledged to continue working under the MoU to facilitate collaboration between US and Indian companies towards mutually-beneficial business opportunities, such as investments, joint ventures and technology partnerships, and to promote talent and workforce development to benefit both countries, the Department of Commerce said in a statement.
The two leaders welcomed the success of the two roundtables convened in San Francisco in November 2023 and in New Delhi in March 2024, bringing the two countries' startup ecosystems closer together and carrying forward their ambitions under the MoU to enhance innovation ecosystems through an innovation handshake under the framework of the US-India Commercial Dialogue.
They praised the work done on the EIN Roundtable organised during the Clean EDGE and Environmental Technologies Business Development Mission in New Delhi in March. The trade mission brought 12 US companies to India to help grow sustainable and secure clean energy markets and accelerate the adoption of environmental solutions in India.
Views exchanged during the EIN Roundtable helped inform the US-India Strategic Clean Energy Partnership (SCEP) ministerial convened by the US secretary of energy and the Indian minister of petroleum and natural gas in Washington on September 16, the media release said.
They also commended the significant progress announced at the virtual IPEF ministerial meeting last month, including the work being done to improve supply chain resilience under the IPEF Supply Chain Agreement for the IPEF partners. They highlighted their commitment to collaborate initially in the critical areas of semiconductors, chemicals, critical minerals with a focus on batteries, and potentially healthcare products, as agreed to by the IPEF Supply Chain Council.
Goyal and Raimondo reviewed other joint efforts that have been made, including under the India-US Strategic Trade Dialogue and the Standards and Conformance Cooperation Program (SCCP). Looking ahead, they discussed several priorities for future collaboration, including critical minerals.
The secretary and the minister looked forward to the US Department of Commerce-led Global Diversity Export Initiative Trade Mission to India in early March 2025, with a focus on expanding opportunities in the Indian market for US SMEs that are owned, operated or led by members of underserved communities.
The two leaders applauded plans to expand the US Department of Commerce's presence in India to a total of about 70 Foreign Commercial Service staff across seven cities.
In Bengaluru, where the State Department is planning to open a new US consulate, a new position will be created to serve as a one-stop resource for US and Indian startups and SMEs and to help advance the two sides' plans for an SME Presidents' Forum to explore greater SME engagement, sharing of best practices, peer learning, support for women entrepreneurs and women-owned businesses, green technology, access to digital market platforms, and integration into global value chains, the media release said.