'Modi's visit to USA has opened whole new vistas of cooperation'

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IANS | 11 Jul, 2023
Whole-heartedly welcoming the Hon’ble Prime Minister Shri Narendra Modi’s historic visit to the USA, FIEO President, Dr A Sakthivel has said that it has opened whole new vistas of cooperation and opportunities between the two largest, oldest and vibrant democracies of the world. As both nations have numerous mutual interests, sharing common values of democracy, pluralism and respect for individual freedoms, the visit has further added to the strongest possible partnership.

The visit of our Able and Dynamic Prime Minister, who is also the most popular global leader, has developed a strategic partnership between both the countries based on shared interests in maintaining peace, stability, and security in the Indo-Pacific region added Dr Sakthivel.

FIEO Chief reiterated that as both India and United States of America have agreed to a more robust economic ties, thereby enhancing the with bilateral trade to USD 500 billion by 2030 from the current mark, with a scope for further mutual investments in each country. Both the leaders, Shri Narendra Modi and H E Mr Joe Biden, President of the USA also agreed to enhance economic cooperation in areas such as technology, innovation and the development of resilient supply chains, besides trade and investments.

Dr Sakthivel appreciated the move to settle the trade dispute bilaterally which will create a congenial environment to foster our trade relations. Withdrawal of additional duty on steel & aluminum will push their exports in to US market while discussions on export promotion schemes will help India to further explain to the US about their compatibility with agreement on subsidies and their relevance in promoting India's exports led by SMEs.

Dr Sakthivel also added that the visit has unplugged new collaborations on renewable energy projects and clean technology development to reduce greenhouse gas emissions. Both Indian and the USA have pledged to have further cooperation in space exploration, satellite technology and earth observation apart from more academic collaborations and student exchange programmes, which will pave the way for knowledge sharing, research partnerships and human resource development.

Further, Critical Mineral Support (CMS) for ensuring supply of important and vulnerable minerals including cobalt, nickel, lithium, rare earth, etc. will enhance industrial production. Apart from these, cutting edge research agreement between DOS&T and MEITY with US organization/companies and innovation handshake will also help in giving push to the science, technology, electronics and information technology in the country.

FIEO President also said that as the scope of cooperation between India and the United States of America has been wide-ranging and encompasses a broad spectrum of possibilities, the Prime Minister’s efforts have resulted in a historic pact between GE Aerospace and Hindustan Aeronautics Limited (HAL) to jointly produce fighter jet engines for Light Combat Aircraft of India, the purchase of General Atomics MQ-9 “Reaper” armed drones and decision to join the Artemis Accords for space exploration will have a phenomenal and long lasting impact on the strategic partnership between both the nations.

Dr Sakthivel also reiterated that H1B Visa endorsements in the US will tremendously benefit Indian professionals and opening of more Consulate offices by both the India and the USA will help in more people-to-people to contact besides giving boost to businesses.