India, US to ink key semiconductor deal


The US Commerce Secretary has met with counterpart Piyush Goyal just ahead of the India-US Commercial Dialogue…reports Asian Lite News

US Secretary of Commerce Gina M Raimondo said semiconductor was a shared priority and India and the US are implementing a semiconductor programme. She added that an MoU would be signed on semiconductor during this trip.

External Affairs Minister S Jaishankar met with Secretary Raimondo on Thursday and agreed to launch a India-US Strategic Trade Dialogue, led by Foreign Secretary from the Ministry of External Affairs of India and Under Secretary, Bureau of Industry and Security in US Department of Commerce.

The Strategic Trade Dialogue will address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfer between the two countries, read the Ministry of External Affairs press release. Raimondo and Jaishankar agreed to launch the US-India Strategic Trade dialogue to address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfer between countries.

Raimondo was on her first visit to India as Secretary Commerce. She met with Jaishankar to discuss US-India relations and opportunities for further economic cooperation.

Raimondo underscored the importance of the US-India bilateral relationship to the Biden Administration and the Department, including ongoing collaboration and potential for closer commercial ties through the US-India CEO Forum (CEO Forum) and the US-India Commercial Dialogue, which she is co-hosting with Minister of Commerce and Industry Piyush Goyal today, read the US Department of Commerce press release.

Both Ministers had a productive discussion about the India-US strategic partnership and ongoing efforts to deepen the economic and commercial engagement between the two countries including through the initiative on Critical and Emerging Technology (iCET) and the Indo-Pacific Economic Framework (IPEF), added the release.

They also concurred on the need for increased bilateral strategic and high technology trade given the shared priorities of both countries in building resilient and trusted global supply chains.

The Secretary thanked the Minister for India’s continued support on the Indo-Pacific Economic Framework for Prosperity (IPEF), and raised the importance of the Framework to enhance the economic competitiveness of the United States, India, and the other IPEF partners, added US Department of Commerce press release.

During the question and answer session, she said over semiconductor programme and the relations on the technology: “We both are focused on semiconductor tech. We are in a fortunate situation. Discussion we had were on providing transparency and coordinating semiconductor initiative. Working on a collaborative way. Opportunity for sharing information and transformation. We basically feel we can have greater benefit with implementation.”

When Raimondo was asked about any hiccups in US-India collaboration on semiconductor supply chain and does the US see India as a balance for China in the semiconductor space, she said, “I don’t see any hiccups. I don’t foresee any hiccups in my meeting with Minister (Piyush) Goyal and private sector.” Over the question of India as a balance for China, she also added, “This is about making the semiconductor supply chain more resilient, more diversified, and which is beneficial for both the United States and India and how we can work together to achieve that goal.”

On a query over what key proposals will be brought to the table for Indo-US commercial dialogues and commercial projects, Raimondo said, “Our partnership with India is a consequential and commercial dialogue intended to work together supply chain, semiconductor, climate, health care and pharma as well on digital sector. We are not targeting any specific sector.”

On enquiring about specific plan for collaboration in semiconductor or on specific semiconductor chain, she said, “No specific firm has an interest. In preparation of this visit, I spoke to dozens of CEOs and there is enthusiasm regarding India.”

She added, “MoU will be how we share semiconductor collaboration in US and India. There will be an opportunity for a joint partnership. We are looking for near term opportunity. This is not one-year collaboration, it is a 20-year collaboration.”

On a query on export control, Raimondo said, “We talked a lot about export control. Increasing transparency in our working relationship with India. I had a meeting with EAM (External Affairs Ministry) and we launched India-US strategic trade dialogue. We are focused on export control. We are going to deepen our engagement with India.”

And lastly on Indo-Pacific Economic Framework (IPEF), she said, “You have to work hard to hit the goal and I’m confident we will hit the goal. I want to see economic benefits for us and other countries in the region this year.” (ANI)

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