India and the US have agreed to work together in all areas possible to further supply chain resilience and reduce dependence on countries with which there have been “severe problems” in recent years, commerce minister Piyush Goyal has said after meetings with his American counterparts.
On the sidelines of the first in-person Indo-Pacific Economic Framework (IPEF) ministerial in Los Angeles, Goyal held separate bilateral meetings with US Trade Representative Katherine Tai and Commerce Secretary Gina Raimondo.
“Both meetings were extremely cordial, and they are very excited about the good work happening between India and the US. They are favourable to expanding ties on trade and investment, including in high tech areas and expressed the wish to further resilient supply chains between the two countries,” Goyal said.
The reference to reducing dependence on other countries is an allusion to China, though the minister did not name the country. The pandemic has exposed the fragility of supply chains and exposed the dependence of major economies on manufacturing in China. IPEF too has a pillar on supply chain resilience, while India and the US have been exploring areas where the two countries can work together — including semiconductor manufacturing.
“Several areas of mutual interest were discussed where we share concerns, where we need to have self-reliance at the core of our working, and boost supply chains between trusted partners who believe in rules-based trading. We can work together, our businesses can work together, to expand ties,” said Goyal.
{{/usCountry}}“Several areas of mutual interest were discussed where we share concerns, where we need to have self-reliance at the core of our working, and boost supply chains between trusted partners who believe in rules-based trading. We can work together, our businesses can work together, to expand ties,” said Goyal.
{{/usCountry}}He also announced that the two countries will soon hold the next Trade Policy Forum meeting. At the last TPF held in Delhi in 2021, India and the US were able to resolve market access issues on a set of products.
Meanwhile, as a symbol of the “concrete tangible benefits” embedded in the IPEF, the US has launched the IPEF Upskilling Initiative — with 14 American companies committing to provide digital training and education to seven million women and girls in IPEF emerging economies, including India.