Indo-US economic relations reaching new heights: Launch of Strategic Trade Dialogue and inking MoU over Semiconductors
March 27, 2023
  • Circulation
  • Advertise
  • Careers
  • About Us
  • Contact Us
Organiser
  • ‌
  • Bharat
  • World
  • G20
  • Editorial
  • Analysis
  • Opinion
  • Sports
  • More
    • Defence
    • RSS in News
    • Azadi Ka Amrit Mahotsav
    • My States
    • Vocal4Local
    • Business
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
SUBSCRIBE
No Result
View All Result
  • ‌
  • Bharat
  • World
  • G20
  • Editorial
  • Analysis
  • Opinion
  • Sports
  • More
    • Defence
    • RSS in News
    • Azadi Ka Amrit Mahotsav
    • My States
    • Vocal4Local
    • Business
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
No Result
View All Result
Organiser
No Result
View All Result
  • Home
  • Bharat
  • World
  • G20
  • Editorial
  • Opinion
  • Analysis
  • Culture
  • Defence
  • RSS in News
  • My States
  • Vocal4Local
  • Subscribe
Home Analysis

Indo-US economic relations reaching new heights: Launch of Strategic Trade Dialogue and inking MoU over Semiconductors

Semiconductors are the future of the electronic world. Thus, this is a golden opportunity for India has the plausibility to be an entwined player, more than a substitute to China and elaborative as a decisive participant

Vedika Znwar by Vedika Znwar
Mar 11, 2023, 08:00 pm IST
in Analysis
Share on FacebookShare on TwitterTelegramEmail
https://organiser.org/wp-content/uploads/speaker/post-164550.mp3?cb=1678683801.mp3

India and the United States (US) are setting new benchmarks in their historic bilateral partnership. This depth of the relationship, focusing on strategy and commerce, is essential to fostering strong cooperation between the two big economies and democracies. This partnership is refining into a nuanced strategic partnership.

India and the US have agreed to set up a Strategic Trade Dialogue. It was decided during the meeting of External Affairs Minister Dr S Jaishankar and US Commerce Secretary Gina Raimondo. It will address export controls, explore ways of enhancing high-technology commerce and facilitate technology transfer between the two countries.

Similarly, US Secretary of Commerce Gina M Raimondo and Union Commerce & Industry minister Piyush Goyal has inked a MoU on a semiconductor Supply Chain and Innovation Partnership following the Commercial Dialogue 2023. This dialogue was re-launched on March 10, 2023, after a gap of three years.

India: Blooming Investment Hub for Semiconductor Industry

India is the ninth most significant trading partner for the US, while the US is India’s largest trading partner and export destination. The bilateral trade in goods saw stellar growth during CY2022, surpassing USD 131 billion in goods, thus doubling since 2014, while total trade in goods and services is expected to cross USD 180 billion. The US is also the third most significant source of foreign direct investment (FDI) for India, and the US is one of India’s top five investment destinations.

The figures here are evidence of the growing economic acknowledgement between the two nations. The US is persuading India to explore its financial abilities with groundbreaking discoveries.

With a complex and massive market, PLI schemes for manufacturing semiconductor chip making, and India is already a semiconductor chip designer, India already has a fundamental semiconductor ecosystem. And today, one of the major players who control the semiconductor industry, the US, is supporting India. This is the most conducive environment for India to make elbow room in this ecosystem.

Both nations have reiterated their commitment towards resilient supply chains. Establishing a collaborative mechanism between the two governments on Semiconductor Supply chain resiliency and diversification. It aligns with US’s CHIPS and Science Act and India’s Semiconductor Mission.

The MOU aims to elevate the complementary strengths of both countries and promote commercial opportunities and the development of semiconductor innovation ecosystems. In addition, the MoU envisages mutually beneficial R&D, talent and skill development. At the end of the commercial dialogue, both sides announced the launch of a new Working Group on Talent, Innovation and Inclusive Growth.

This is a welcoming move to facilitate collaboration on startups, SMEs, skill development and entrepreneurship, including in digital and emergent technologies India’s aspiration to expand its advanced manufacturing is complementary to the US’ goal to make their supply chain more resilient. The US views India as a trusted technology partner. With innovative and significant economic reforms, the Indian economy has drawn much attention worldwide.

The other watershed concurrence of the recent Initiative on Critical and Emerging Technology (iCET) and Indo-Pacific Economic Framework (IPEF) is much discussed bilateral events between the two sides. It has dramatically changed the way this productive engagement is perceived. Both countries have tapped the potential and major determinants of how an interdependent world works: through technology and commerce.

If India plays its move well, then it has the potential to become an integral part of the global supply chain. Semiconductors are the future of the electronic world. Thus, this is a golden opportunity for India has the plausibility to be an entwined player, more than a substitute to China and elaborative as a decisive participant.

Topics: Bilateral partnershipIndo-US economic relationsIndiaUSIndo-USUnited StatesExternal Affairs Minister Dr S Jaishankar
Share1TweetSendShareSend
Previous News

Indian Cinema’s Tryst with Truth, the Hindu Way

Next News

Are Dalits the soft target for conversion mafia? Read story of Uday Raj Kori from Uttar Pradesh who became a Muslim

Related News

US: Indians gather in solidarity outside Indian consulate in San Francisco after attack

US: Indians gather in solidarity outside Indian consulate in San Francisco after attack

Anti-India Agenda ploy of the West: World Happiness Index ranks India in the bottom rung

Anti-India Agenda ploy of the West: World Happiness Index ranks India in the bottom rung

Punjabi Singers and Khalistan 2.0: Musical puppets of Pakistan’s ISI

Punjabi Singers and Khalistan 2.0: Musical puppets of Pakistan’s ISI

Indo-China LAC conflict: United States provided real-time Intel to India?

Indo-China LAC conflict: United States provided real-time Intel to India?

Radical Islamist preacher Zakir Naik likely to be deported from Oman

Radical Islamist preacher Zakir Naik likely to be deported from Oman

Boosting India-Bangladesh energy cooperation

Boosting India-Bangladesh energy cooperation

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

China and the West hostility: Sensationalising battle lines in the international arena

China and the West hostility: Sensationalising battle lines in the international arena

US Banking Crisis: Is the worst yet to come?

US Banking Crisis: Is the worst yet to come?

World Boxing Championships 2023: Nikhat Zareen wins her 2nd Gold medal

World Boxing Championships 2023: Nikhat Zareen wins her 2nd Gold medal

Hindu Rashtra: Rashtra is Hindu and Sanatan Its Adjective

Hindu Rashtra: Rashtra is Hindu and Sanatan Its Adjective

Umesh Pal Murder: Atiq Ahmed to be shifted from Sabarmati jail to Prayagraj; To be produced in MP MLA court on March 28

Umesh Pal Murder: Atiq Ahmed to be shifted from Sabarmati jail to Prayagraj; To be produced in MP MLA court on March 28

Madhya Pradesh: Alcohol & condoms found from principal’s office at a missionary school; Repeated cases of conversion & sexual abuse at such schools raise alarming questions

Madhya Pradesh: Alcohol & condoms found from principal’s office at a missionary school; Repeated cases of conversion & sexual abuse at such schools raise alarming questions

Assam: Massive rally over the issue of anti-conversion and delisting of ST status organised by JDSSM, more than 55000 tribals participated

Assam: Massive rally over the issue of anti-conversion and delisting of ST status organised by JDSSM, more than 55000 tribals participated

Bihar: Row over ‘Hindu Rashtra’ banners in Darbhanga, VHP slams Nitish-Tejashwi Government for lodging FIR

Hindu Rashtra Flags: Bihar police arrested VHP district secretary after flags appeared in Darbhanga

Land For Job Scam: Tejashwi Yadav finally presented before the CBI

Land For Job Scam: Tejashwi Yadav finally presented before the CBI

Demographic Shift of Europe: Spain witnessed 10 times increase in Muslim Population in last 3 decades

Demographic Shift of Europe: Spain witnessed 10 times increase in Muslim Population in last 3 decades

  • Privacy
  • Terms
  • Cookie Policy
  • Refund and Cancellation
  • Delivery and Shipping

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Culture
  • Sports
  • Business
  • RSS in News
  • My States
  • Vocal4Local
  • Special Report
  • Sci & Tech
  • Entertainment
  • Education
  • Books
  • Interviews
  • Travel
  • Health
  • Obituary
  • Subscribe
  • Advertise
  • Circulation
  • Careers
  • About Us
  • Contact Us
  • Privacy Policy
  • Cookie Policy
  • Terms of Use
  • Refund and Cancellation

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies