India and the US are looking "forward" to reconvening the India-US Trade Policy Forum before the end of 2021 with an aim to enhance the bilateral relationship by addressing trade concerns, said an official joint statement. US President Joseph R Biden welcomed India's Prime Minister Narendra Modi to the White House on Friday for their first in-person Leaders' engagement, renewing their close relationship and charting a new course to advance the partnership between the world's largest democracies.
"They looked forward to reconvening the India-US Trade Policy Forum before the end of 2021, to enhance the bilateral trade relationship by addressing trade concerns, identifying specific areas for increased engagement and developing an ambitious, shared vision for the future of the trade relationship," said US-India Joint Leaders'' Statement issued after the meeting.
It further said the two leaders also looked forward to convening the US-India CEO Forum and the Commercial Dialogue in early 2022, leveraging the talents of the private sector. "The leaders noted ongoing negotiations on an Investment Incentive Agreement that facilitates investment in development projects and committed to an early conclusion," it added.
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Modi and Biden further discussed how the US and India will work together to set sustainable and transparent rules of the road that will lift economies throughout the Indo-Pacific. They welcomed increased collaboration through the Coalition for Disaster Resilient Infrastructure and the upcoming Indo-Pacific Business Forum, the statement added.
"The leaders noted that the movement of highly skilled professionals, students, investors and business travellers between their countries enhances their economic and technological partnership," the statement said. The leaders highlighted the importance of resilient and secure supply chains between the two countries, and welcomed the involvement of the private sector in both countries in building stronger linkages in critical sectors such as pharmaceuticals, biotechnology, semiconductors, and information technology.
They also recognised the importance of critical and emerging technologies in delivering economic growth and achieving strategic priorities. They looked forward to reviving the High Technology Cooperation Group (HTCG) in early 2022, with the objective of accelerating high technology commerce in key areas, the joint statement said.
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