India, U.S. to launch a semiconductor sub-committee

Source: The post is based on the article “India, U.S. to launch a semiconductor sub-committee” published in The Hindu on 11th March 2023.

What is the News?

India-US bilateral Commercial Dialogue 2023 was held during the visit of US Secretary of Commerce Gina Raimondo to India.

What is India-US bilateral Commercial Dialogue?

Co-chaired by: India’s Union Commerce and Industry Minister and US Secretary of Commerce.

Purpose: The dialogue is part of ongoing efforts to strengthen the U.S.-India Comprehensive Global Strategic Partnership, develop inclusive and fair trade and investment policies and leverage the interests of the private sector in pursuing new market opportunities that advance prosperity in both countries.

What are the key takeaways from the dialogue?

Established Semiconductor sub-committee: It will be led by the US’s Department of Commerce and, on the Indian side, the Ministry of Electronics and Information Technology (MeitY) and the Ministry of Commerce and Industry. 

The US welcomed India’s active partnership in the Indo-Pacific Economic Framework for Prosperity(IPEF).

Both countries also welcomed the recently launched U.S.-India initiative on Critical and Emerging Technology(iCET) which elevates and expands the strategic technology partnership between the governments, businesses, and academic institutions of our two countries.

The two countries also noted the strong impetus being given to comprehensive green energy development under the U.S.-India Strategic Clean Energy Partnership (SCEP).

U.S.–India Standards and Conformance Cooperation Program(SCCP): It aims to increase cooperation in the areas of standards, conformity assessment, and technical regulations in different sectors.

– It is to be carried out in partnership between ANSI (American National Standard Institute) from the US side and BIS (Bureau of Indian Standards) from the Indian side.

About India-US Trade

The US is India’s largest exporter and trading partner while India is the ninth-largest trading partner for the US. Bilateral merchandise trade during April-January stood at $108.43 billion. Both nations aim to achieve bilateral trade of $500 billion by 2025.

The US is also the third-biggest source of foreign direct investment for India and is one of the top five investment destinations for India.