The US-India Business Council (USIBC) recently suggested several ideas to the new US administration to strengthen the India-US partnership. The ideas include reconstituting the existing US-India Trade and Commercial Dialogues into a single US-India Strategic Trade Dialogue (USISTD) and creating a new digital partnership headed by Vice President Kamala Harris.
The US-India Strategic Energy Dialogue should be restructured to include climate and sustainable growth and an US-India Scholars Endowment should be created to support higher education exchanges, USIBC suggested.
The US-India Health Dialogue should also be restructured to expand the mandate and include private sector participation, according to USIBC.
The recommendations reflect USIBC’s long standing view that the natural partnership between the two nations can be leveraged to strengthen both countries’ economic recoveries and create a foundation for economic growth and job creation in the years ahead, a news agency reported.
USIBC president Nisha Desai Biswal said: “As leaders around the globe reconsider their approach to global trade and investment, both the US and India can and should do more to achieve the shared goal of USD 500 billion in two-way trade.”
USIBC said it stands ready to support the Biden administration on work to develop the economic policies that will transform the two economies and create millions of high-quality jobs at home and abroad.
USIBC recommended that the new USISTD be co-chaired by the US secretary of commerce, the US secretary of state and the US trade representative, who would invite the Indian government to name similar counterparts.
USISTD should focus on reducing trade impediments to strengthen the strategic relationship and support a goal of $500 billion in two-way trade by 2024.
USIBC also recommended the two sides set up an expert group consisting of senior officials, industry representatives and academic thought leaders to build a document for discussion under the USISTD.
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