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Tuesday, July 23, 2024

India, US hold inaugural Strategic Trade Dialogue

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New Delhi/Washington: The inaugural meeting of the India-US Strategic Trade Dialogue (IUSSTD) was held in Washington on Tuesday, during which both sides reviewed ongoing cooperation in multilateral export control regimes and agreed to share best practices

The Indian delegation was led by Foreign Secretary Vinay Mohan Kwatra. The US delegation was co-led by Alan Estevez, Under Secretary for Industry and Security in the US Department of Commerce and Ambassador Victoria Nuland, Under Secretary of State for Political Affairs in the US Department of State.

The Dialogue is a key mechanism to take forward the strategic technology and trade collaborations envisaged under the India-US initiative on Critical and Emerging Technologies (iCET).

IUSSTD focused on ways in which both governments can facilitate the development and trade of technologies in critical domains such as semiconductors, space, telecom, quantum, AI, defence, bio-tech and others, a statement from the Indian Embassy in Washington said.

Both sides reviewed the relevant bilateral export control regulations with the objective of building and diversifying resilient supply chains for these strategic technologies. They reviewed ongoing cooperation in multilateral export control regimes and agreed to share best practices.

Both sides agreed to enhance awareness among the industry, academia and other stakeholders about the export control regimes through workshops and other activities. They acknowledged that the dialogue would be instrumental to enabling co-production, co-development and enhanced industrial collaborations in critical technologies.

They agreed to set up a regular monitoring group which will review progress in deepening cooperation in the bilateral high-tech trade and technology partnership. The co-chairs agreed to continue the dialogue with the objective of strengthening the India-US Comprehensive Global Strategic Partnership, the statement added.

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