A Landmark Year of India-US Trade and Economic Relations

By siliconindia   |   Thursday, 16 June 2022, 05:04 Hrs
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A Landmark Year of India-US Trade and Economic Relations

The previous year hit a historic high of more than USD160 billion in India-US bilateral trade. This achievement was during the pandemic without any formal trade agreement and despite supply chain disruptions

FREMONT, CA: It has been a momentous year for India-US trade and commercial relations emphasizing the enormous potential of the two nations' economic alliance. The previous year witnessed a historic record of more than USD 160 billion in bilateral trade between India and the United States. The achievement was achieved despite the shortage of supplies and lack of any formal trade agreement during the pandemic. With over 2000 US companies in India and 200 Indian enterprises in the United States, the economic connection between our countries has immense promise. India-Virginia commerce was worth USD 1.65 billion in 2019 and has expanded by more than 15 percent since then.

India's exports to Virginia totaled USD 644.44 million, while Virginia's imports totaled USD 1.01 billion. Minerals and ores, garbage and scrap, chemicals, computer and electronic equipment, and petroleum and coal products are the top exports from Virginia to India. Textile mill products, chemicals, garment manufacturing products, transportation equipment, electrical equipment, appliances, and components are among the top exports from India to Virginia. Virginia is expected to send a trade mission to India early next year, according to my sources. Economic collaboration has already brought a lot of benefits, but there is still a lot more that can be done to enhance it soon. Governments cannot handle it all by themselves. It is anticipated that Virginia, the FCEDA, and the industry would join hands to take this adventure forward. The future of India-US relations, and perhaps even the future of the planet, is dependent upon technology. Both India and the United States place high importance on creativity and innovation. Technology has an impact on every industry today. The pandemic has only accelerated some of these changes, which would have taken decades otherwise.

India and the US inaugurated the initiative for critical and emerging technologies—from AI to quantum, biotech, the internet of things, and 5G/advanced telecommunications—at the recent bilateral summit between Prime Minister Narendra Modi and President Joe Biden in Tokyo. There are vulnerabilities as well as opportunities in each of these categories. This project is noteworthy for two reasons: first, it is led by the respective National Security Councils on both sides. Two, it brings all stakeholders on board, including academics, industry, and others, in addition to governments. Quad is also working on the second major advancement in the tech field: ORAN, semiconductors, standards, biology, and quantum technology, to name a few. Leaders decided to hold a business and investment summit in Tokyo recently to network with industry partners and extend capital for important and emerging technologies.