Fifth India – USA Commercial Dialogue

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    In News

    • Recently, the US Secretary of Commerce visited India to participate in the India-US bilateral Commercial Dialogue 2023.

    About:

    • The India-US Commercial Dialogue aims to strengthen US-India Comprehensive Global Strategic Partnership by enhancing commercial collaboration 
    • It is because of such collaborations that the bilateral goods and services trade has almost doubled since 2014, surpassing $191 billion.

    Outcomes

    • India showed  interest in partnering with the United States in developing a secure pharmaceutical manufacturing base and diversifying supply chains for critical and strategic minerals (including rare earth).
    • Memorandum of Understanding (MoU) was signed on establishing a semiconductor supply chain and innovation partnership under the framework of India – US Commercial Dialogue.
    • A new Working Group on Talent, Innovation and Inclusive Growth under the Commercial Dialogue was launched to further the cooperation on Start-ups, SMEs, Skill Development and Entrepreneurship including in digital and emergent technologies
    • Re-launched the Travel and Tourism Working Group to  address  new challenges and opportunities to create a stronger travel and tourism sector.
    • Launched Standards and Conformance Cooperation Program  (Phase III) to be carried out in partnership between ANSI (American National Standard Institute) from the US side and BIS (Bureau of Indian Standards from the Indian side in furtherance of standards cooperation.
    • Announced U.S.-India Energy Industry Network (EIN) as a broad platform for facilitating U.S. industry involvement in the Clean EDGE Asia initiative to discuss opportunities in the Indian energy sector.

    Clean EDGE Asia initiative

    • Clean EDGE Asia is a US government Initiative to support and accelerate Asia’s clean energy transition.
    • It works in collaboration with US’s partners to 
      • develop markets that attract private investment, 
      • support the deployment of cutting-edge U.S. technologies and services,
      • develop transparent energy infrastructure procurement practices, 
      • identify and remove barriers to clean energy investment,
      • mobilise financing options for projects. 

    Source:PIB