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US commerce secretary to visit Delhi for commercial dialogue, CEO forum
India will also host the next round of official-level talks of the Indo-Pacific Economic Framework (IPEF) in February in Delhi. Piyush Goyal said that India stood solidly with the US on the framework and appreciated its leadership.
Washington: United States (US) commerce secretary Gina Raimondo will visit New Delhi on March 9 and 10 to participate in India-US commercial dialogue and the CEO forum between the two sides, union minister for industry and commerce Piyush Goyal said in Washington DC on Wednesday.
India will also host the next round of official-level talks of the Indo-Pacific Economic Framework (IPEF) in February in Delhi. The minister said that India stood solidly with the US on the framework and appreciated its leadership.
In the course of his visit to the US capital to attend the 13th Trade Policy Forum talks, Goyal met Raimondo where they covered issues of bilateral economic and commercial interest.
At a press conference, Goyal said, “We have finalised the dates for the next commercial dialogue and CEO forum in India around March 9 and 10. She will be accompanied by a very very high-powered delegation of global CEOs, CEOs of large multinational companies.”
Goyal also met James Taiclet, the CEO of Lockheed Martin who is the co-chair of the forum from the US side; Tata Sons chair N Chandrasekaran is the chair from the India side. The minister said both corporate leaders were putting in long hours to create a robust framework to help expand “trade and business, investments and manufacturing in each other’s countries to expand our resilient supply chain initiative.”
Goyal said that his meeting with Raimondo covered issues such as India’s efforts to become “more self-sufficient in areas like semiconductors and defence production” and “strengthening laws around quality standards and efforts to move up the quality chain in India”.
The two ministers also discussed the progress on IPEF. India has joined three of the four pillars — on resilient economy (supply chains), clean economy (decarbonisation and infrastructure) and fair economy (anti corruption and tax) — of the framework, while it remains an observer on the connected economy (trade) pillar as negotiations proceed. Goyal had participated in the first ministerial of the framework in Los Angeles in September last year. All the three pillars that India has joined is led, on the US side, by the Department of Commerce.
“In terms of IPEF, the ground rules were laid out in California itself. To my mind, it has been one of the fastest progressing dialogue I have seen in so many years. I want to compliment US Trade Representative Katherine Tai and Raimondo for the leadership that the US and they two personally have given to the IPEF dialogue. They are truly committed to a free and open Indo-Pacific. They are committed to expanding trade and economic ties with member countries of IPEF. And India stands solidly with the US in wanting to make that happen.”
During his visit to New York and Washington, Goyal also engaged with CEOs of investment companies, funds and manufacturing companies. “I take back the message that US companies are looking to invest large amount of capital, bring technology to India and are looking to India as a trusted partner with whom they can work to diversify their manufacturing set ups and the ecosystem that supplies to their manufacturing set ups. Investment companies have had a good experience in their investment in a transparent, rules-based democratic country like India. And most of them have very ambitious plans going forward.”
