Washington DC, October 4
US Secretary of Commerce Gina Raimondo and Union Minister of Commerce and Industry Piyush Goyal convened the 6th ministerial-level U.S.-India Commercial Dialogue on Friday, reviewing the progress made since the 5th ministerial meeting in March 2023 in New Delhi.
The dialogue underscored several significant achievements in areas such as semiconductor supply chains, innovation ecosystems, and clean energy.
The two leaders lauded the continuous collaboration under the Semiconductor Memorandum of Understanding (MOU), which aims to establish resilient and secure semiconductor supply chains.
Since the MOU's signing in 2023, the U.S. Semiconductor Industry Association and the India Electronics Semiconductor Association completed a private sector readiness assessment, identifying opportunities for developing complementary semiconductor ecosystems.
Both sides reaffirmed their commitment to fostering joint ventures, investments, and workforce development.
The successful Innovation Handshake MOU, which focuses on enhancing U.S.-India innovation ecosystems, saw two key roundtables held in San Francisco and New Delhi, bringing startups from both nations closer.
Additionally, the U.S.-India Energy Industry Network (EIN), formed during a March 2024 Clean EDGE mission in New Delhi, contributed to the September U.S.-India Strategic Clean Energy Partnership (SCEP) ministerial dialogue, further advancing clean energy markets.
In a major development, Raimondo and Goyal signed a new MOU to diversify and expand critical minerals supply chains, emphasising resilience in the sector. The agreement will drive collaboration in exploring, extracting, refining, and recycling critical minerals, with both sides leveraging their strengths to ensure stable supply chains.
The dialogue also highlighted initiatives to support small and medium-sized enterprises (SMEs) and women-owned businesses. A U.S. trade mission focused on SMEs, led by the Global Diversity Export Initiative, is scheduled for March 2025 in Bangalore, providing resources and mentorship to business leaders in both nations.
The leaders applauded progress made in boosting travel and tourism between the two countries, alongside greater cooperation in healthcare, focusing on strengthening pharmaceutical supply chains.
Looking ahead, both Raimondo and Goyal expressed optimism about the future of U.S.-India commercial ties, with plans for a mid-year review in 2025 to ensure continued progress across all sectors. The dialogue is set to further boost economic growth, innovation, and resilience in both countries.