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US Commerce Secy Raimondo, Piyush Goyal Discuss Future Collaboration on Supply Chains

In Business, News, World
December 05, 2023

NEW DELHI:
US Secretary of Commerce Gina Raimondo and Union Minister for Commerce and Industry Piyush Goyal discussed future collaboration on supply chains, workforce development and other sectors. The two leaders held discussions during a virtual US-India CEO Forum meeting held on November 30, according to US Department of Commerce press release. During the meeting, US and Indian CEOs provided both governments with updates on the status of their recommendations on how to advance commercial ties between India and the US.

Taking to X, Gina Raimondo stated, “I co-hosted the U.S.-India CEO Forum virtually w/ Minister of Commerce & Industry @PiyushGoyal. We announced the newly appointed CEOs to the U.S. Section & discussed future economic collaboration on supply chains, workforce development, & more.” Gina Raimondo and Piyush Goyal highlighted recent government initiatives that were inspired by the recommendations of the CEOs. The two leaders encouraged the Forum members to focus on concrete outcomes and policy deliverables ahead of the next Forum set to be held in early 2024.

At the start of the meeting, Raimondo announced the inclusion of seven new CEOs to the US section of the Forum who will serve alongside the existing CEO members announced in July 2022, according to US Department of Commerce press release. The new members include – Henry Ford Health President, and CEO Robert Riney, Honeywell International, Inc. CEO Vimal Kapur, International Business Machines (IBM) Corporation CEO and Chairman Arvind Krishna, Kyndryl Holdings Inc CEO and Chairman Martin Schroeter, Pfizer CEO and Chairman Albert Bourla, Qualcomm Incorporated President and Chief Executive Officer Cristiano Amon, Viasat Inc President Kumara Guru Gowrappan.

During the meeting, Goyal highlighted the growing convergence of perspectives and strategic interests of the two nations, emphasising the role of initiatives like the QUAD, Indo-Pacific Economic Framework for Prosperity (IPEF), and the I2U2 grouping in fostering regional and global cooperation in critical and emerging sectors, a statement from the Commerce Ministry read. Goyal encouraged the industry to leverage platforms like the Semiconductor Supply Chain and Innovation Partnership, Innovation Handshake, India-Middle East-Europe Economic Corridor, and Global Biofuels Alliance and explore collaborative opportunities.

In addition, Piyush Goyal acknowledged the valuable contributions made by the Forum members, which have guided the government to undertake concrete reforms including doubling of the export value threshold for courier customs clearance and the inclusion of a separate chapter on e-commerce in Foreign Trade Policy, among others. As per the release, he welcomed some of the industry-led initiatives such as NIHIT (www.nihit.org), a nationwide capacity-building endeavour for small businesses, startups, and MSMEs and FIST (Framework for Integrity, Security and Trust).Secretary Raimondo thanked Minister Goyal, the co-chairs, and forum members for their efforts over the past year.

Gina Raimondo underscored the profound impact of Prime Minister Narendra Modi’s visit to the US and President Biden’s visit to India during the G20 summit, highlighting these events as milestones in strengthening bilateral ties, according to Ministry of Commerce and Industry release. The Forum, comprising CEOs from leading Indian and US-based companies, is co-chaired by N Chandrasekaran, Chairman, Tata Sons, and James Taiclet, President and Chief Executive Officer, Lockheed Martin, according to release. This marked the eighth convening of the Forum since its reconstitution in December 2014, and it represents the first review of the Forum initiatives’ progress in the middle of the year.