US and India begin a strategic trade conversation
The two nations have started a strategic trade conversation here in advance of Prime Minister Narendra Modi’s historic visit to the US, during which officials discussed the continuing collaboration in multilateral export control regimes and decided to exchange best practises to strengthen bilateral relations.
Foreign Secretary Vinay Mohan Kwatra served as the head of the Indian delegation during the first India-US Strategic Trade Dialogue (IUSSTD). Ambassador Victoria Nuland, Under Secretary of State for Political Affairs in the US Department of State, and Alan Estevez, Under Secretary for Industry and Security in the US Department of Commerce, jointly served as the leaders of the US delegation.
The conversation is a crucial tool for advancing the strategic trade and technology partnerships planned under the India-US initiative on Critical and Emerging Technologies (iCET).
President Joe Biden invited the two leaders to meet before Prime Minister Modi’s first state visit to the US. Modi will be in the United States from June 21 to June 24.
According to a press statement from the Indian embassy here, the discussion centred on ways that both countries may promote the development and trade of technology in important fields including semiconductors, space, communication, quantum, AI, defence, biotech, and others.
The goal of the conference was to create and diversify robust supply chains for these vital technologies. The two parties evaluated the relevant bilateral export control rules during the discussion.
They discussed current multilateral export control cooperation and decided to exchange best practises.
Both parties committed to increase understanding of the export control regimes among the business community, academic community, and other stakeholders via seminars and other initiatives.
In order to enable co-production, co-development, and improved industry partnerships in essential technologies, they realised that the discourse would be important, according to the statement.
“They decided to establish a recurring monitoring panel to assess the development of the bilateral high-tech trade and technology collaboration. The co-chairs decided to keep talking in order to improve the Comprehensive Global Strategic Partnership between the United States and India, according to the statement.
