India, US to hold commercial dialogue on March 10 after gap of 3 years
NEW DELHI: India and the US will hold a commercial dialogue on March 10 after a gap of three years and discuss issues related to trade and investment with a view to further strengthen economic ties, an official statement said on Monday.
The last India-USA Commercial Dialogue was held in February 2019. Since then, due to pandemic and other factors it could not be held.
“It is proposed to re-launch the dialogue with a strategic outlook with focus on supply chain resiliency and diversification and new emerging areas, after a gap of three years,” the commerce ministry said in a statement.
US Secretary of Commerce Gina Raimondo will be visiting here between 7-10 March for the dialogue and India-US CEO Forum meet.
“During the visit, India-USA Commercial Dialogue and CEO Forum will be held on March 10 to discuss cooperation in various sectors that could unlock new trade and investment opportunities between the two countries,” the statement said.
The Commercial Dialogue is a cooperative undertaking encompassing regular government-to-government meetings to be held in conjunction with private sector meetings, with an aim to facilitate trade, and maximize investment opportunities across a broad range of economic sectors.
Earlier, India-US CEO Forum was soft-launched by Indian commerce and industry minister Piyush Goyal and the US secretary of commerce on November 9, 2022 via a video-conference.
The identified key priorities were increasing supply chain resilience, enhancing energy security and; reducing overall greenhouse gas emissions, advancing inclusive digital trade; and facilitating post-pandemic economic recovery, especially for small businesses, it said.
India is the ninth largest trading partner for 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, the ministry added.
The US is also the third biggest source of FDI for India, and the USA is one of the top five investment destinations for India.
“This visit will immensely contribute towards furthering trade and commercial ties between the two countries,” the ministry said.
The bilateral trade in goods between the two nations has increased to $65.39 billion during April-January this fiscal against $62.27 billion a year ago.
India has received about $5 billion in Foreign Direct Investment (FDI) from the US during April-December 2022-23.