On October 3, 2024, U.S. Secretary of Commerce, Gina Raimondo and India’s Minister of Commerce and Industry, Piyush Goyal signed a new Memorandum of Understanding (MoU) to “expand and diversify critical minerals supply chains.” This agreement, reached during the 6th U.S.-India Commercial Dialogue, aims to enhance supply chain resilience and leverage both countries’ strengths.
Both Secretary Raimondo and Minister Goyal also launched an initiative under the “Innovation Handshake,” agenda to foster innovation in energy security, technology, and sustainability. They also reviewed key achievements since the 5th ministerial meeting in March 2023, including agreements on semiconductors, energy networks, and economic frameworks.
They also discussed other collaborative initiatives, under the India-U.S. Strategic Trade Dialogue and the Standards and Conformance Cooperation Program (SCCP). These efforts include support for women-owned businesses and small and medium-sized enterprises (SMEs), expanding startup and SME resources in Bengaluru, as well as initiatives in travel, tourism, and healthcare.
Further, the Secretary and the Minister also emphasized the significance of the Commercial Dialogue in maintaining progress on mutual economic priorities.
“They expressed a shared interest in exploring collaboration, based on mutual trust and confidence, in new and emerging areas of technology and trade, in addition to continuing ongoing work in other sectors under the framework of the Commercial Dialogue, to improve supply chain resilience and boost economic prosperity in both countries,” noted a statement from the US Department of Commerce.
The statement confirmed plans to hold a mid-year review in 2025, led by senior officials from both governments. This review aims to advance the priorities outlined in the Commercial Dialogue, implementing a roadmap aligned with the economic vision of the Secretary and the Minister, while ensuring strong private sector involvement in ongoing efforts.
Both leaders also welcomed the reconvening of the U.S.-India CEO Forum on October 2, 2024, in Washington, D.C., and acknowledged the significant contributions of CEOs from both the U.S. and Indian sides. They highlighted the joint recommendations presented to both governments, which spanned a broad range of topics.
These recommendations, they noted, will help guide policy decisions aimed at strengthening bilateral commercial and trade ties, fostering economic growth and innovation, and enhancing the resilience of the U.S.-India partnership.
At the Forum, Secretary Raimondo and Minister Goyal expressed their gratitude to Lockheed Martin CEO, James Taiclet and Tata Sons Chairman, N. Chandrasekaran for their leadership as Private Sector Co-Chairs (2023-2024). They also conveyed their appreciation for the Forum members’ recommendations and initiatives over the past two years.
Members of the CEO Forum, representing 22 U.S. companies and 25 Indian companies, have recently announced a series of initiatives aimed at deepening U.S.-India commercial engagement.
They include Lockheed Martin and Tata Advanced Systems Limited’s signing of a teaming agreement for the C-130J Super Hercules aircraft; Amneal Pharmaceuticals’ announcement of the launch of new medicines in various therapeutic areas; Honeywell International’s delivery in September, a 1.4 MWh Battery Energy Storage System for a project by the Solar Energy Corporation of India on the Lakshadweep Islands; Pfizer, also in September, launching its first commercial analytics center in India, named the “Analytics Gateway,” to leverage AI and advanced data science to enhance its international market analytics; Viasat’s signing of a MoU in September with the Government of India for a roadmap on next-generation space technologies; and Otis Worldwide’s announcement in August, about expansion of its manufacturing facility in Bengaluru, aiming to increase escalator production capacity.
On October 3rd, Minister Goyal also met with U.S. Trade Representative, Ambassador Katherine Tai to discuss enhancing the India-U.S. trade partnership. Both sides reaffirmed their commitment to strengthening bilateral ties and exploring new opportunities for growth in key and emerging sectors.
