India - US Commercial Dialogue and CEO Forum to be held in New Delhi today
The India - US Commercial Dialogue and CEO Forum will be held today in New Delhi to discuss cooperation in various sectors that could unlock new trade and investment opportunities between the two countries.
Commerce Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo will co-chair the Dialogue. Ms Raimondo is on a four-day visit to India on the invitation of Mr Goyal.
The India - USA Commercial Dialogue is a cooperative undertaking encompassing regular government-to-government meetings to be held in conjunction with private sector meetings, with an aim to facilitate trade, and maximize investment opportunities across a broad range of economic sectors.
The last India-USA Commercial Dialogue was held in February 2019. Since then, due to pandemic and other factors it could not be held. The Commercial Dialogue will be relaunched with strategic outlook with focus on supply chain resiliency and diversification and new emerging areas.
Earlier, India-US CEO Forum was soft-launched by Commerce Minister of India and US Secretary of Commerce on 9th November last year through video conference for which identified key priorities were increasing supply chain resilience, enhancing energy security and reducing overall greenhouse gas emissions, advancing inclusive digital trade and facilitating post-pandemic economic recovery, especially for small businesses.
Commerce Ministry said, Trade, Commerce and Economy had always enjoyed a place of prominence in the India-US multifaceted strategic bilateral relations. Today, the two countries are leading trading partners of each other.
India is the ninth largest trading partner for the US, while the US is India’s largest trading partner and the largest export destination.
The bilateral trade in goods saw very robust growth in 2022, surpassing 131 billion dollars in goods, thus doubling since 2014 (in 8 years) while total trade in Goods and Services is expected to cross 180 billion dollars.
US is also the third biggest source of FDI for India, and USA is one of the top five investment destinations for India.