Dr Sakthivel appreciated the move to settle trade dispute bilaterally
India and the US have agreed to a more robust economic ties, thereby enhancing the bilateral trade to US$500 billion by 2030 from the current mark of US$119.42 billion, with a scope for further mutual investments in each country, according to FIEO President Dr. A Sakhtivel.
In 2021-22, the India-US bilateral trade rose to US$119.42 billion from US$80.51 billion in 2020-21.
He gave this assessment following a recent visit by Prime Minister Narendra Modi to Washington and discussions with President Joe Biden who 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 trade dispute bilaterally, saying, “This will create a congenial environment to foster our trade relations.”
He pointed out that the withdrawal of additional duty on steel & aluminum will boost exports of these products to US market.
He also felt that 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.
The Prime Minister’s US visit has unplugged new collaborations on renewable energy projects and clean technology development to reduce greenhouse gas emissions, he noted.
Fuether, both India 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.
Moreoever, Critical Mineral Support (CMS) for ensuring supply of important and vulnerable minerals including cobalt, nickel, lithium, rare earth among others will enhance industrial production, he added.
Apart from these, cutting edge research agreement between DOS&T and MEITY with US organization and companies as well as innovation handshake will also help in giving push to the science, technology, electronics and information technology in the country.
He applauded that 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 India and the US will help in more people-to-people to contact besides giving boost to businesses, says FIEO release on 27 June 2023. Fiinews.com
