India-US 2+2 Ministerial Dialogue seeks to foster private investment

The dialogue was preceded by a virtual meeting between Prime Minister Narendra Modi and President Joseph Biden.

The ministers underlined the importance of strengthening the commercial and economic pillar of the India-US partnership to advance economic growth and deliver mutual prosperity for both countries. They applauded the rebound in bilateral trade between the two countries over the last year, surpassing $113 billion in goods.

They also welcomed the 12^th Ministerial-level meeting of the India-US Trade Policy Forum (TPF) and the renewal of Working Group discussions to expand bilateral trade, remove market access barriers, and improve ease of business. They looked forward to both sides developing action plans that identify and prioritise the resolution of specific trade concerns to build on the progress made during the last TPF ministerial meeting.

The ministers reaffirmed the vital role of secure, resilient, reliable and diverse supply chains for critical and emerging technologies (CET), and the need to enable regional and global innovation.

They looked forward to reconvening the India-US Commercial Dialogue and the CEO Forum this year to enhance economic cooperation, boost commercial ties and develop private-sector recommendations for both governments.

They affirmed the intent to work together for the exchange of best practices and development of technology transfer to enable the affordable deployment of clean and emerging energy technologies.

ALCHEMPro News Desk (DS)