NEW DELHI: In a significant move, India and the US on Thursday decided to launch a strategic trade dialogue to address export controls, explore ways of enhancing high-technology commerce, and facilitate technology transfers.
The decision to launch the new framework of dialogue was taken at a meeting between External Affairs Minister S Jaishankar and visiting US Commerce Secretary Gina Raimondo, according to the Ministry of External Affairs (MEA).
"The external affairs minister and secretary Raimondo agreed to launch a India-US Strategic Trade Dialogue, led by Foreign Secretary from Ministry of External Affairs of India and Under Secretary, Bureau of Industry and Security in US Department of Commerce," the MEA said.
"The Strategic Trade Dialogue will address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfer between the two countries," it said.
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The MEA said Jaishankar and Raimondo had a productive discussion about the India-US strategic partnership and ongoing efforts to deepen the economic and commercial engagement between the two countries, including through the Initiative on Critical and Emerging Technology (iCET) and the Indo-Pacific Economic Framework (IPEF).
"They also concurred on the need for increased bilateral strategic and high technology trade given the shared priorities of both countries in building resilient and trusted global supply chains," the MEA said in a statement.
US President Joe Biden in May last year launched the IPEF, which is an initiative aimed at deeper cooperation among like-minded countries in areas such as clean energy, supply-chain resilience and digital trade.
"Great pleasure to meet US Secretary of Commerce @SecRaimondo this evening. Conversation covered strategic trade, resilient and reliable supply chains and trust and transparency in the digital domain," Jaishankar tweeted.