US, India Strengthen Commercial Ties at 6th Ministerial Dialogue

Date:

Washington, DC — US Secretary of Commerce Gina Raimondo and Indian Minister of Commerce and Industry Piyush Goyal convened the 6th ministerial meeting of the US-India Commercial Dialogue, reaffirming their commitment to deepening trade relations and addressing global supply chain challenges.

Since the 5th ministerial meeting in March 2023, key areas of collaboration have advanced, including the Semiconductor Memorandum of Understanding (MOU), which focuses on building secure and resilient semiconductor supply chains. Industry groups from both nations have conducted readiness assessments and are now fostering joint ventures and technology partnerships. Both countries pledged to continue talent and workforce development efforts within the semiconductor sector.

The Innovation Handshake MOU also saw progress, with two roundtables held in San Francisco and New Delhi to foster collaboration between the U.S. and Indian startup ecosystems. Additionally, the U.S.-India Energy Industry Network (EIN) launch at a March 2024 roundtable has accelerated clean energy initiatives, bringing U.S. companies to India to explore sustainable energy markets.

During the meeting, the two sides praised the progress made in the Indo-Pacific Economic Framework for Prosperity (IPEF), specifically in improving supply chain resilience in sectors like semiconductors, critical minerals, and healthcare products. They also signed a new Critical Minerals MOU, expanding cooperation in exploring, extracting, and recycling these resources to enhance supply chain resilience.

Looking forward, Raimondo and Goyal introduced the INDUS Innovation initiative, which focuses on energy security and sustainability. In 2025, a forum will bring together startups, investors, and industry leaders from both countries to develop breakthrough solutions in these fields.

The meeting also highlighted plans to boost opportunities for Women-Owned and Small- and Medium-Sized Enterprises (SMEs), with a trade mission scheduled for March 2025 in Bengaluru. The initiative aims to expand US SME involvement in India’s market, providing mentorship and resources for women entrepreneurs and other underserved groups.

Additionally, the US will expand its commercial presence in India by increasing the number of Foreign Commercial Service staff across seven cities, including a new resource hub for startups and SMEs in Bengaluru.

Both nations agreed to enhance cooperation through a joint work plan in the travel and tourism sector, aiming to boost two-way travel, enhance industry coordination, and create jobs. Discussions also extended to healthcare, where both sides expressed interest in strengthening pharmaceutical supply chains and production capacities.

Raimondo and Goyal reiterated the importance of the Commercial Dialogue in addressing economic challenges and advancing mutual interests. A mid-year review in 2025 will ensure progress on these initiatives.

The two leaders concluded by welcoming the US-India CEO Forum, which reconvened in Washington, DC, on October 2. CEO recommendations will continue to inform future policy decisions to strengthen bilateral trade and innovation.

IAT Report
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