U.S.-India Commercial Dialogue Bolsters Partnership Across Key Sectors

The 6th U.S.-India Commercial Dialogue, led by Gina Raimondo and Piyush Goyal, celebrated achievements in semiconductor supply chains, innovation, and clean energy. The dialogue advanced critical minerals cooperation and SME support, marking a promising future for economic growth.

U.S. Secretary of Commerce Gina Raimondo and India's Union Minister of Commerce and Industry Piyush Goyal convened the sixth ministerial-level U.S.-India Commercial Dialogue, highlighting significant strides since the previous meeting in March 2023. The dialogue focused on key areas such as semiconductor supply chains, innovation ecosystems, and clean energy solutions.

Both leaders commended the ongoing collaboration under the Semiconductor Memorandum of Understanding, which focuses on building resilient and secure semiconductor supply chains. The U.S. Semiconductor Industry Association and the India Electronics Semiconductor Association have completed a readiness assessment, identifying opportunities to develop robust semiconductor ecosystems jointly.

In addition to semiconductor cooperation, the dialogue featured the Innovation Handshake MOU, which aims to enhance U.S.-India innovation ecosystems. It facilitated roundtables in San Francisco and New Delhi, fostering collaboration among startups. The U.S.-India Energy Industry Network also played a crucial role in the Strategic Clean Energy Partnership, promoting clean energy markets.

A major highlight was the signing of a new MOU to diversify and expand critical minerals supply chains, underscoring the emphasis on resilience. The agreement seeks collaboration in exploring, extracting, refining, and recycling critical minerals, capitalizing on mutual strengths.

The event further spotlighted efforts to support SMEs and women-owned enterprises, with a U.S. trade mission to Bangalore planned for March 2025. Additionally, there was progress in enhancing travel, tourism, and healthcare ties, focusing on pharmaceutical supply chain improvements.

Looking forward, both Raimondo and Goyal anticipate continued growth in U.S.-India commercial relations, with a comprehensive mid-year review planned for 2025 to ensure ongoing progress. This dialogue is poised to drive economic growth, innovation, and resilience in both nations.

(With inputs from agencies.)