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This has been momentous yr for India-US commerce and financial relations: Ambassador Sandhu

This has been a “momentous year” for India-US commerce and financial relations, New Delhi’s high diplomat right here stated Thursday, underlining the “enormous” potential of the financial partnership between the 2 international locations.

India’s Ambassador to the US Taranjit Singh Sandhu stated, “Last year we did hit a historic high of more than US$160 billion in India-US bilateral trade. Do keep in mind that we were able to achieve this during the pandemic without any formal trade agreement and despite supply chain disruptions.” He was talking at a reception organised for a enterprise delegation from the Fairfax County of Virginia, which has a robust relationship with India. “This has been a momentous year for India-US trade and economic relations.” Among those that attended the reception have been Secretary of Commerce and Trade of Virginia, Caren Merrick; Secretary of Agriculture and Forestry, Matthew Lohr; CEO of the Fairfax County Economic Development Authority (FCEDA), Victor Hoskins and Vice President of International Trade of the Virginia Economic Development Partnership, Stephanie Agee.

The two-way investments additionally stay equally sturdy, stated the Ambassador. “With 200 Indian companies present in the United States and more than 2000 US Companies in India, the potential of the economic partnership between our countries is an enormous one,” he stated. India-Virginia commerce stood at USD 1.65 billion in 2019 and is estimated to have grown by over 15 % since then, he stated.

India’s exports to Virginia stood at USD 644.44 million and imports from Virginia stood at USD 1.01 billion. Top gadgets of exports from Virginia to India are — minerals and ores; waste and scrap; chemical substances; laptop and digital merchandise; and petroleum & coal merchandise. Top gadgets of exports from India to Virginia are: Textile mill merchandise; chemical substances; attire manufacturing merchandise; transportation gear; and electrical gear, home equipment and parts.

“I understand Virginia will be sending a trade mission to India early next year. We will be happy to make the visit productive and fruitful,” Sandhu stated on the reception which he hosted on the India House.”While there’s a lot that has been achieved to capitalize on our financial partnership there’s a lot that may nonetheless be achieved within the days forward. Governments can’t do it alone. We look ahead to our mates from Virginia, the FCEDA and the trade right here to be companions in our journey forward,” he stated.

Sandhu stated that “tech” is the important thing to the way forward for India-US relations, and maybe even the way forward for the planet.“To me, it is the most exciting, the most topical, where most of you here have your expertise. It is also closely related to another important ‘T’, which is Talent. Both India and the US are societies that value innovation and ingenuity. Every sector today is affected by technology. No one is immune. The pandemic has only fast-tracked some of these changes which would have otherwise probably taken decades,” he stated.

This is the place Virginia turns into necessary, he stated. “Virginia is where many say the internet was invented. You know this craft better than anyone else perhaps! And what a journey it has been for the world since then!” he added. At the latest bilateral Summit between Prime Minister Narendra Modi and President Joe Biden in Tokyo, India and the US launched the initiative for vital and rising applied sciences (iCET) — from AI to quantum, biotech, web of issues and 5G/superior telecommunications, Sandhu stated.

“In each of these areas, there are vulnerabilities as also opportunities. What is interesting about this initiative is two aspects: one, it is led by the respective National Security Council on both sides. Two, it brings together all stakeholders on board beyond the Governments- academia, industry etc,” he stated.

The second necessary improvement within the tech area is underneath Quad: There is a large quantity of labor happening in ORAN, semiconductors, requirements, biotechnology, and quantum applied sciences and so forth. underneath Quad framework, he stated.“At the recent Summit in Tokyo, leaders decided to convene a business and investment forum for networking with industry partners to expand capital for critical and emerging technologies,” Sandhu stated.

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