India, US to set up monitoring group to review trade cooperation
India, US to set up monitoring group to review trade cooperation

NEW DELHI: India and the United States have decided to form a regular monitoring group that will review progress in deepening cooperation in the bilateral high-tech trade and technology partnership between India and US. This was resolved at the first India-US Strategic Trade Dialogue (IUSSTD) meeting, which took place on Tuesday in Washington, D.C.

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

The dialogue is a Key mechanism for advancing the strategic trade and technology partnerships planned under the India-US initiative on Critical and Emerging Technologies (iCET).

IUSSTD concentrated on methods that both governments may promote the growth and exchange of technologies in important fields like semiconductors, space, telecom, quantum, AI, defence, and biotechnology, among others.

To create and diversify dependable supply networks for these strategic technologies, both parties evaluated the pertinent bilateral export control legislation. They decided to share best practises after reviewing current multilateral export control cooperation.

The two parties concurred that workshops and other activities would be used to increase understanding of the export control regimes among the business community, academic community, and other stakeholders. They agreed that the conversation would play a key role in fostering co-production, co-development, and improved industrial cooperation in crucial technologies.

The co-chairs decided to keep talking in order to develop a comprehensive global strategic alliance between the US and India.

The India-US initiative on Critical and Emerging Technologies (iCET) is a collaborative effort between India and the United States aimed at addressing the challenges and opportunities presented by critical and emerging technologies. This initiative recognizes the pivotal role that technology plays in shaping the future and seeks to promote cooperation, innovation, and shared understanding between the two countries.

iCET focuses on identifying and advancing critical and emerging technologies that have the potential to significantly impact various sectors, including healthcare, agriculture, energy, communications, and security. By fostering cooperation in research and development, information sharing, and policy coordination, iCET aims to accelerate technological advancements, promote economic growth, and enhance national security.

Through iCET, India and the United States aim to leverage their respective strengths in science, technology, and innovation to address global challenges and promote sustainable development. This initiative encourages collaboration between governments, academic institutions, research organizations, and the private sector to foster innovation and facilitate technology transfer.

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