India-US CEO Forum will strengthen economic cooperation

New Delhi: US Secretary of Commerce, Gina Raimondo, is visiting India. She is accompanied by a delegation of CEOs from the US industry. The delegation held a joint meeting with dignitaries of Indian industry. Speaking on the occasion, Commerce and Industry Minister Piyush Goyal firmly believed that the ‘India-US CEO Forum’ would strengthen economic cooperation between the two countries. Goyal claimed that the India-US CEO Forum’s cooperation is based on the common goal of consistency in the development of both countries, emerging new technologies, resilient global supply chains and the advancement of small businesses.

In 2014, India and the United States again established the ‘India-US CEO Forum’. This is the sixth meeting of this forum held after this. Seven working groups of CEOs of industrial groups in both countries have been formed. They presented information on seven sectors with great potential for cooperation between India and the United States.

These seven sectors include entrepreneurship development and promotion of small enterprises, health and pharmaceuticals, space and defence, infrastructure for the digital sector, energy-water and environment, infrastructure and manufacturing, financial services and trade and investment.

It was claimed at this time that the dialogue held in the said forum would determine the framework of cooperation between India and the United States in these sectors. It is also said that trade between the two countries has increased significantly given this CEO Forum. In the fiscal year 2020-21, bilateral trade between India and the United States stood at $80.5 billion. While in the financial year 2021-22, the same trade went up to $120 billion. This growth was highlighted in the CEO Forum. Taking cognisance of the development, Commerce Minister Piyush Goyal said that the concerned forum is a very important platform for dialogue between the industries of both countries.

Along with this, Piyush Goyal has expressed his satisfaction by pointing to the sectors which are beneficial for the economy of India and the United States being done through this forum. Tata Sons Chairman N. Chandrasekaran from India and James D. Taiclet, President and CEO of Lockheed Martin from the United States, led this forum. It is said that the framework required for the discussion in the future forum meeting was also discussed in this meeting.

Meanwhile, both countries have set a goal of taking the India-US trade to around $500 billion. However, the industrial sectors of both countries are concerned that trade disputes and disagreements on some other issues are hindering the achievement of this goal. Against this backdrop, the importance of the discussions held in the said forum has increased further.