On Tuesday, March 7, US Secretary of Commerce Gina Raimondo flew to India for a four-day trip to take part in the CEO Forum and US-India Commercial Dialogue. The goal of Raimondo’s visit to New Delhi is to strengthen bilateral trade connections. According to a statement from the US Commerce Department, this trip aims to “unlock new trade and investment opportunities” between Washington and New Delhi. Trade and commerce have traditionally held a prominent position in the complex bilateral strategic relations between India and the US.
“We are collaborating to create resilient supply chains and guarantee that essential minerals and semiconductors are available for nations that are each other’s trustworthy partners. India and the US are strategic allies. As two friends and reliable partners, we are strengthening our bond, said Union Commerce Minister Piyush Goyal. when he took part in Holi celebrations at the home of Defense Minister Rajnath Singh alongside Secretary Raimondo and numerous important BJP ministers.
Raimondo’s visit follows the special round of negotiations for the Indo-Pacific Economic Framework that took place in India’s National Capital last month. On March 10, there will be a US-India Business Dialogue and CEO Forum, where collaboration in several industries will be discussed.
Due to a number of issues, the most recent India-USA Commercial Dialogue could not be convened after February 2019. According to various media sources, it is suggested to restart the Commercial Dialogue with a strategic perspective that would centre on supply chain diversification and resilience.Originally, on November 9 of last year, a video conference served as the soft launch for the India-US CEO Forum. Among other things, fostering post-pandemic economic recovery and boosting energy security were among the listed major priorities.
In CY 2022, the two nations’ bilateral commerce in products expanded significantly and surpassed $131 billion in value. One of India’s top five investment destinations, the US is the third-largest source of FDI for that country. Piyush Goyal invited Raimondo to go on her tour of India.