The Indian envoy says, “It has been a ‘critical year’ for India-US trade and economic relations.”
The Indian envoy says, “It has been an ‘important year’ for India-US trade and economic relations.”
It has been an “important year” for India-US trade and economic ties, New Delhi’s top diplomat said on Thursday, June 9, 2022, underlining the “huge” potential of the economic partnership between the two countries.
India’s Ambassador to the United States, Taranjit Singh Sandhu, said, “Last year we achieved a historic high of over US$160 billion in Indo-US bilateral trade. Keep in mind that we are not achieving this during the pandemic without anyone. Were able to do so despite formal trade agreements and supply chain disruptions.”
Mr. Sandhu was speaking at a reception organized for a business delegation from Fairfax County, Virginia, which has a strong relationship with India. “This has been an important year for India-US trade and economic relations.”
Two-way investment remains equally strong, the ambassador said. “With 200 Indian companies based in the United States and over 2000 American companies in India, the potential for economic partnership between our countries is enormous,” he said.
India-Virginia trade
India-Virginia trade stood at USD 1.65 billion in 2019 and is projected to grow by over 15 per cent since then, he said.
India’s exports to Virginia stood at US$ 644.44 million and imports from Virginia stood at US$ 1.01 billion. The top commodities exported from Virginia to India are minerals and ores; waste and scrap; chemicals; computer and electronic products; and petroleum and coal products.
The top items exported from India to Virginia are: textile mill products; chemicals; garment manufacturing products; Transportation Equipment; and electrical equipment, instruments and components.
“I understand that Virginia will send a trade mission to India early next year,” said Mr. Sandhu at the reception at India House. We will be happy to make this visit fruitful and fruitful.
“While much has been done to capitalize on our economic partnership, there is still a lot to be done in the days to come. Governments cannot do it alone. We look forward to our friends from Virginia, FCEDA and industry here Be a partner in our journey ahead,” he said.
‘Technological keys to the future’
Mr. Sandhu said that “technology” is the key to the future of India-US relations, and perhaps even the future of the planet.
“To me, it’s the most exciting, the most timely, where most of you have your expertise. It’s also closely related to another important ‘T’, which is talent. Both India and America are societies that We value innovation and ingenuity. Today every sector is affected by technology. No one is immune. The pandemic has only fast-tracked some of these changes, which otherwise would have taken decades,” he said.
That’s where Virginia becomes important, he said. “Virginia is where many say the Internet was invented. You probably know this craft better than anyone else! And what a journey the world has been like since then!” He added.
In the recent bilateral summit between Prime Minister Narendra Modi and President Joe Biden in Tokyo, India and the US launched Initiatives for Critical and Emerging Technologies (ICETs) – from AI to Quantum, Biotech, Internet of Things and 5G/Advanced Telecommunications , said Mr. Sandhu.
“In each of these areas, there are also weaknesses and opportunities. The interesting thing about this initiative is that there are two aspects: one, it is led by the respective National Security Councils of both sides. Two, it goes beyond all governments. Brings stakeholders together- academia, industry etc,” he said.
The second important development in the technical field is under Quad: a huge amount of work is going on under the Quad Framework in ORAN, semiconductors, standards, biotechnology and quantum technologies etc.
“At the recent summit in Tokyo, the leaders decided to convene a business and investment platform for networking with industry partners to expand capital for critical and emerging technologies,” said Mr. Sandhu.