India, US to revitalise trade ties

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Prime Minister Modi and US President Biden noted ongoing negotiations on an Investment Incentive Agreement that facilitates investment in development projects and committed to an early conclusion…reports Asian Lite News

India and the US will reconvene the India-US Trade Policy Forum before the end of 2021, to enhance the bilateral trade relationship by addressing trade concerns, identifying specific areas for increased engagement and developing an ambitious, shared vision for the future of the trade relationship.

This was decided by Prime Minister Narendra Modi and US President Joe Biden during their first in-person meeting in the White House on Friday. During their meeting, both leaders also looked forward to convening the India-US CEO Forum and the Commercial Dialogue in early 2022, leveraging the talents of the private sector. Prime Minister Modi and US President Biden noted ongoing negotiations on an Investment Incentive Agreement that facilitates investment in development projects and committed to an early conclusion.

They further discussed how the United States and India will work together to set sustainable and transparent rules of the road that will lift economies throughout the Indo-Pacific. They welcomed increased collaboration through the Coalition for Disaster Resilient Infrastructure and the upcoming Indo-Pacific Business Forum.

Both leaders noted that the movement of highly skilled professionals, students, investors and business travelers between their countries enhances their economic and technological partnership. They welcomed the involvement of the private sector in both countries in building stronger linkages in critical sectors such as pharmaceuticals, biotechnology, semiconductors, and information technology.

The Leaders recognized the importance of critical and emerging technologies in delivering economic growth and achieving strategic priorities. They looked forward to reviving the High Technology Cooperation Group (HTCG) in early 2022, with the objective of accelerating high technology commerce in key areas.

They decided that the US and India must continue and expand their partnership in new domains and many areas of critical and emerging technology – space, cyber, health security, semiconductors, AI, 5G, 6G and future generation telecommunications technology and Blockchain, that will define innovation processes, and the economic and security landscape of the next century. Both leaders recognized the foundational need to address vulnerabilities and threats in cyberspace, including to promote critical infrastructure resilience, and welcomed the increasing partnerships among governments to counter ransomware and other cyber-enabled crime, including efforts to combat cybercriminals that operate from within their borders.

They reiterated the importance of sustainable capacity-building and noted that mutual technical assistance efforts to respond to cyber threats should be prioritized and increased, including through dialogues, joint meetings, training and sharing of best practices. The two leaders looked forward to the finalization of a Space Situational Awareness Memorandum of Understanding that will help in sharing of data and services towards ensuring the long-term sustainability of outer space activities by the end of the year.

As global partners, the US and India resolved to further strengthen their collaboration in education, science and technology and people-to-people engagement. They welcomed close consultations through the 2+2 Ministerial Dialogue of the Foreign and Defense Ministers of India and the US to be held later this year.

The two leaders celebrated the deep and vibrant ties between the people of both nations, which underpins the special bond between the United States and India, and has sustained their partnership for nearly 75 years. They reaffirmed, and encouraged others to embrace, their shared values of freedom, democracy, universal human rights, tolerance and pluralism, and equal opportunities for all citizens, and committed to pursue efforts towards sustainable development and global peace and security.

Prime Minister Modi conveyed his deep appreciation for the repatriation of antiquities to India by the US. They committed to strengthen their efforts to combat the theft, illicit trade and trafficking of cultural objects. Reflecting shared values and principles, and growing strategic convergence, President Biden and Prime Minister Modi resolved to advance the US-India Comprehensive Global Strategic Partnership, and looked forward to what the United States and India will achieve together. (India News Network)

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