U.S. and India Strengthen Critical Minerals Partnership,
Lead 6th U.S.-India Commercial Dialogue Meeting

Los Angeles/Oct 04, 2024
NRIpress.club/Ramesh/ A.Gary Singh
U.S. Secretary of Commerce Gina Raimondo and India’s Minister of Commerce and Industry Piyush Goyal met today for the 6th ministerial session of the U.S.-India Commercial Dialogue. They reviewed progress made since their last meeting in March 2023 in New Delhi and laid out future objectives for bilateral cooperation.
Semiconductor MOU to Strengthen Supply Chains
The Secretary and Minister celebrated continued efforts to secure and sustain semiconductor supply chains, acknowledging the progress under the Semiconductor Supply Chain and Innovation Partnership MOU. Industry associations from both nations have completed assessments identifying immediate opportunities to strengthen the semiconductor sector. The leaders reaffirmed their commitment to fostering partnerships and workforce development to benefit both nations.
Innovation Handshake MOU – Building Startup Ecosystems
The two officials welcomed the successful Innovation Handshake MOU, which has brought U.S. and Indian startup ecosystems closer. Two major roundtables held in San Francisco (November 2023) and New Delhi (March 2024) have advanced collaboration between the two countries' entrepreneurs and innovators.
U.S.-India Energy Industry Network (EIN) Progress
They praised the March 2024 EIN Roundtable, which was part of the Clean EDGE and Environmental Technologies Business Development Mission. The roundtable, attended by 12 U.S. companies, focused on fostering clean energy solutions and sustainable markets in India, further informing discussions at the U.S.-India Strategic Clean Energy Partnership (SCEP) Ministerial.
Advancing Supply Chain Resilience Through IPEF
Progress made under the Indo-Pacific Economic Framework for Prosperity (IPEF) was highlighted, particularly regarding efforts to improve supply chain resilience. Both countries agreed to collaborate in critical areas, such as semiconductors, chemicals, minerals, and healthcare products, to strengthen supply chains and mutual prosperity.
Key Areas for Future Cooperation
- Critical Minerals MOU: A new MOU to expand critical minerals supply chains was signed on October 3. Both countries aim to leverage their respective strengths in exploration, processing, and recycling of these essential resources.
- INDUS Innovation Initiative: This new initiative will accelerate progress in energy security, technology, and sustainability. The U.S. Department of Commerce and India’s Department for Promotion of Industry and Internal Trade will invite startups and investors to collaborate on breakthrough innovations in 2025.
- Support for SMEs and Women-Owned Businesses: A Global Diversity Export Initiative Trade Mission is planned for March 2025, focusing on opportunities for U.S. small and medium-sized enterprises (SMEs), especially women-led businesses, to expand into the Indian market.
- Expanding U.S. Commercial Presence in India: Plans to increase the U.S. Foreign Commercial Service team in India, particularly in Bengaluru, were discussed. A new position will be created to assist U.S. and Indian startups, advancing bilateral SME collaborations and green technology initiatives.
Boosting Travel and Tourism
The Secretary and Minister applauded the work plan created by the Travel and Tourism Working Group, which is designed to enhance collaboration between the U.S. and India in this sector. This initiative will stimulate economic growth and job creation by encouraging two-way travel and industry coordination.
Healthcare Sector Collaboration
Both leaders expressed their commitment to strengthening information sharing related to pharmaceutical manufacturing, with a focus on improving supply chains for Active Pharmaceutical Ingredients (APIs) and boosting production capacities in both countries.
Looking Ahead
The U.S.-India Commercial Dialogue will continue to foster economic collaboration, with both sides agreeing to explore new and emerging sectors, and strengthen ongoing initiatives. A mid-year review in 2025 will monitor progress on these priorities and ensure continued engagement with the private sector.
The U.S.-India CEO Forum, held on October 2, 2024, also provided valuable recommendations to both governments, emphasizing the need for stronger bilateral commercial ties and innovation-driven growth.
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