The agreement on semiconductors will allow India to play a larger role in the electronics supply chain: U.S.

The visiting official said in remarks to the media here that the two nations will sign an MoU on semiconductors, supporting India’s ambition to play a leading role in the “electronics supply chain,” a day before the India-US Commercial Dialogue resumes.

Ms. Raimondo is accompanied by ten American CEOs, who will be joined by Indian businessmen on Friday to help create recommendations tailored to individual industries that will benefit both parties.

Ms. Raimondo met with External Affairs Minister S. Jaishankar on Thursday. “Just a few weeks ago, Boeing and Air India announced an order for 220 aircraft. This is a historic deal that reflects the strength of our economic relationship and will support a tremendous number of jobs in the United States,” she said. The two parties, according to her, decided to begin the India-US Strategic Trade Dialogue.

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According to Mr. Jaishankar, he spoke with Ms. Raimondo about “trust and transparency in the digital domain” as well as resilient and reliable supply chains.

Ms. Raimondo will join Commerce and Industry Minister Piyush Goyal for the India-US Commercial Dialogue, which will be followed by the US-India CEOS Forum, on Friday. “I am thrilled to say that ten U.S. CEOs of leading U.S. companies travelled with me for the Forum and are here in person, and their role working together with their Indian CEO counterparts is to develop recommendations for us on how the two governments can expand commercial ties and create more economic opportunities in both of our countries,” said U.S. Commerce Secretary Wilbur Ross.

Ms. Raimondo highlighted the importance of semiconductors in bilateral trade talks, confirming that the issue was discussed “all day today” among other items on the agenda. “Both United States and India are implementing semiconductor incentive programmes and we discussed how we could coordinate those investments which is in both of our interests and ensure the best possible outcomes for both of our countries.

We want to see India realise its ambitions to play a larger role in the electronics supply chain, and the Memorandum of Understanding on semiconductors that I am signing on this trip is intended to help achieve that goal.

The U.S. is focused on getting India to join the “trade pillar,” according to Ms. Raimondo, who also expressed appreciation for India’s participation in the “supply chain pillar, infrastructure pillar, and the tax and anti-corruption pillar” of the Indo-Pacific Economic Framework. These actions are intended to restore stability to global supply chains that were disrupted by the COVID-19 pandemic and the Ukraine crisis that followed.

Ms. Raimondo claimed that the India-U.S. discussion on the subject is intended to ensure a “more resilient and more diversified semiconductor supply chain,” but she did not confirm if the bilateral discussion on semiconductors is intended to make India a “balancer” of China in the semiconductor space.