US Secretary of Commerce Gina Raimondo and Commerce and Business Minister Piyush Goyal have formally launched the US-India CEO Discussion board to carry collectively top-level enterprise executives and focus on methods to strengthen financial and business ties between the 2 nations.
They had been joined by Discussion board’s Non-public Sector Co-Chairs James Taiclet (Chairman, President, and CEO, Lockheed Martin Company) and Natarajan Chandrasekaran (Chairman, Tata Sons), in addition to different members of the US and Indian CEO sections, the US Division of Commerce mentioned in an announcement on Wednesday.
In the course of the assembly, Raimondo and Goyal shared their priorities for the bilateral relationship with the members.
The leads for every of the discussion board’s seven working teams shared their strategic outlook for his or her time period of service, the assertion mentioned.
Raimondo and Goyal additionally introduced their intent to carry an in-person assembly in early 2023, it added.
Yellen will journey to New Delhi to take part within the US-India Financial and Monetary Partnership on November 11. The US has surpassed China to change into India’s high buying and selling companion in 2021-22, reflecting the strengthening financial ties between the 2 nations.
In accordance with the information of the commerce ministry, in 2021-22, the bilateral commerce between the 2 nations stood at USD 119.42 billion as towards USD 80.51 billion in 2020-21.
India’s exports to the US surged to USD 76.11 billion in 2021-22 from USD 51.62 billion within the earlier fiscal 12 months, whereas imports rose to USD 43.31 billion as in comparison with about USD 29 billion in 2020-21.
The US is likely one of the few nations with which India has a commerce surplus. In 2021-22, India had a commerce surplus of USD 32.8 billion with the US.
Commerce consultants consider that the development of accelerating bilateral commerce with the US will proceed within the coming years as New Delhi and Washington are engaged in additional strengthening the financial ties.