A notable step was taken reportedly on Thursday when India and the US resolved to commence a strategic trade discussion to address export restrictions, investigate measures to boost high-technology exports, and facilitate knowledge transfers.
According to the Ministry of Foreign Affairs, the decision to implement the new framework of communication was made during a meeting between US Commerce Secretary Gina Raimondo, who was in town, and External Affairs Minister S. Jaishankar (MEA).
“The external affairs minister and Secretary Raimondo agreed to launch a India-US Strategic Trade Dialogue, led by Foreign Secretary from Ministry of External Affairs of India and Under Secretary, Bureau of Industry and Security in US Department of Commerce,” the MEA said.
“The Strategic Trade Dialogue will address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfer between the two countries,” it said.
The Indo-Pacific Economic Framework and the Initiative on Critical and Emerging Technologies (iCET), among other initiatives to improve economic and commercial ties between the two nations, were the topics of a fruitful conversation between Jaishankar and Raimondo, according to the MEA (IPEF).
“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 MEA stated.
The IPEF, an attempt to foster closer collaboration between like-minded nations in sectors including sustainable energy, supply-chain resilience, and digital trade, was launched by US President Joe Biden in May of last year.
“Great pleasure to meet US Secretary of Commerce @SecRaimondo this evening. Conversation covered strategic trade, resilient and reliable supply chains and trust and transparency in the digital domain,’ Jaishankar tweeted.