India and the United States are committed to solving specific trade problems
WASHINGTON: India and the United States agreed on Tuesday to address specific trade issues, expand bilateral trade, remove market access barriers and improve the ease of doing business.
A joint statement issued after the fourth 2+2 Ministerial Dialogue between India and the United States also said that the two countries have decided to put in place a framework to advance cooperation in Critical and Emerging Technologies (CET) such as advanced communication technologies, artificial intelligence, quantum science, STEM. , semiconductors and biotechnology.
US Secretary of State Antony J Blinken, Defense Secretary Lloyd J Austin III, Indian Defense Minister Rajnath Singh and External Affairs Minister S Jaishankar participated in the dialogue.
The dialogue was preceded by a virtual meeting between Prime Minister Narendra Modi and US President Joe Biden.
The statement said the ministers underscored the importance of strengthening the trade and economic pillar of the India-US partnership to advance economic growth and ensure the mutual prosperity of the two countries.
They appreciated the rebound in bilateral trade between the two countries over the past year, surpassing $113 billion worth of goods.
They also welcomed the 12th Ministerial Meeting of the India-US Trade Policy Forum (TPF) and the resumption of working group discussions to expand bilateral trade, remove barriers to access to markets and improving the ease of doing business.
“They looked forward to both sides developing action plans that identify and prioritize the resolution of specific trade issues to build on the progress made at the last TPF ministerial meeting,” he said.
Ministers noted the substantial progress in the negotiations of an Investment Incentive Agreement (IIA) between the governments of India and the United States.
It provides a framework for DFC to continue to expand its investments in India –– for private sector-led projects in critical areas such as renewable energy, agriculture, healthcare and SME finance.
Ministers encouraged negotiators to resolve remaining issues so that the IIA can be concluded as soon as possible, according to the statement.
Ministers reaffirmed the vital role of secure, resilient, reliable and diverse supply chains for critical and emerging technologies (CET) and the need to enable regional and global innovation.
“The Ministers decided to set up a framework to advance cooperation in the field of information and communication technologies such as advanced communication technologies, artificial intelligence, quantum science, STEM, semiconductors and biotechnology,” the statement read.
Ministers from both countries reiterated the importance of a transparent and predictable business environment to facilitate private sector investment.
The two countries will look forward to convening the India-UBS Business Dialogue and CEO Forum again this year to enhance economic cooperation, strengthen business ties and develop private sector recommendations for the two governments.
The United States also appreciated recent economic reforms in India, which are helping to improve the ease of doing business, and efforts to accelerate the startup and innovation sector.