Union Minister Piyush Goyal & US Commerce Sec Gina Raimondo sign MoU

By: WE Staff | Friday, 4 October 2024

The 6th ministerial-level Commercial Dialogue between the US and India was led by Union Minister of Commerce and Industry Piyush Goyal and US Commerce Secretary Gina Raimondo. The dialogue aimed to strengthen critical minerals supply chains and semiconductor innovation, fostering resilient and sustainable supply chains, promoting innovation, and creating business opportunities and the Indo-Pacific Framework for Prosperity. The leaders also signed a new MoU to expand and diversify critical minerals supply chains.

The US and India are focusing on identifying equipment, services, policies, and best practices for the commercial development of critical minerals. They are also promoting resilient, secure, and sustainable semiconductor supply chains. The US Semiconductor Association has completed a private sector readiness assessment, aiming to identify industry opportunities and facilitate the strategic development of complementary semiconductor ecosystems.

During the event, Piyush Goyal and Gina Raimondo pledged to continue working under the MoU to facilitate collaboration between US and Indian companies for mutually beneficial business opportunities. They praised the success of roundtables in San Francisco and New Delhi, bringing the two countries startup ecosystems closer and enhancing innovation ecosystems. They also praised the work done on the EIN Roundtable, which helped inform the US-India Strategic Clean Energy Partnership ministerial. They further commended progress made at the virtual IPEF ministerial meeting, including improving supply chain resilience.

This collaboration aims to expand the US Department of Commerce's presence in India, with plans to create a new position in Bengaluru to serve as a one-stop resource for startups and SMEs to advance their SME Presidents' Forum promote engagement and support women entrepreneurs.