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India-US goods & services trade surpasses $191 bn in 2022
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IANS | 10 Mar, 2023
India-US bilateral goods and services trade has nearly doubled since
2014, surpassing $191 billion recorded in 2022. This was acknowledged by
Commerce Minister Piyush Goyal and US Commerce Secretary Gina Raimondo
on Friday during the India-US Commercial Dialogue meeting.
Co-chaired
by Goyal and Raimondo, the commercial dialogue is a part of ongoing
efforts to strengthen US-India Comprehensive Global Strategic
Partnership.
Raimondo attended the meeting before leaving for the
US on Friday. She had arrived in India on March 7 at the invitation of
the Indian government.
During the meeting, both the sides
welcomed further steps to enhance their commercial collaboration and tap
into market potential across multiple sectors, and also enable an
environment for investment by small and medium-size industries (MSME)
and startups.
Secretary Raimondo appreciated the steps undertaken
under the National Infrastructure Pipeline and PM Gati Shakti National
Master Plan, an official statement issued by the Commerce ministry said.
Goyal
and Raimondo welcomed the US-India initiative on Critical and Emerging
Technology (iCET). The two ministers also noted India's interest in
partnering with the US in developing a secure pharmaceutical
manufacturing base and diversifying supply chains for critical and
strategic minerals (including rare earths).
One of the major
outcomes of the meeting was the signing of Memorandum of Understanding
(MoU) on establishing semiconductor supply chain and innovation
partnership under the framework of India-US Commercial Dialogue.
Both
the ministers recognised that small businesses and entrepreneurs are
the lifeblood of the US and Indian economies and there is a need to
facilitate collaboration between the SMEs of the two countries and to
foster innovation ecosystems that facilitate their post-pandemic
economic recovery and growth.
In this context, both sides
announced the launch of a new working group on talent, innovation and
inclusive growth under the Commercial Dialogue.
This will further
the cooperation on start-ups, SMEs, skill development and
entrepreneurship, including in digital and emergent technologies.
This
working group would also support the efforts under iCET, particularly
in identifying specific regulatory hurdles that hinder cooperation and
fostering of greater connectivity between our innovation ecosystems
(including tech start-ups).
Both sides expressed interest in working together in developing next-generation standards in telecommunications, including 6G.
Secretary
Raimondo welcomed India's ongoing G20 presidency. The ministers
expressed interest to look forward to the next Commercial Dialogue
meeting to be held in Washington DC in 2024, contributing towards a
growing strategic and economic relationship between India and the US.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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