Prime Minister Narendra Modi, who is on a four-day tour to the US, said in a joint statement with US President Joe Biden that they were looking forward to reconvening the India-US Trade Policy Forum later this year.
Vowing to strengthen economic relationships, including trade ties, a joint statement read: "The US-India trade and investment partnership is an engine for global growth, with bilateral trade exceeding USD 191 billion in 2022, nearly doubling from 2014."
Prime Minister Modi and President Biden also applauded the reconvening of the US-India Commercial Dialogue and CEO Forum in March in New Delhi. "They have encouraged respective industries to take action on the recommendations from CEOs for greater engagement and technical cooperation to build resilient supply chains for emerging technologies, clean energy technologies, and pharmaceuticals; promote an innovative digital economy; lower barriers to trade and investment; harmonise standards and regulations wherever feasible; and work towards skilling of workforces," it said.
"The leaders support continued for active engagement between the US Treasury Department and the Indian Ministry of Finance under the Economic and Financial Partnership dialogue," the joint statement said.
Air India deals
The joint statement also focused on Air India's historic agreement with Boeing to acquire more than 200 US-made aircraft. This purchase, it said, will support more than one million US jobs across 44 states and contribute to ongoing efforts to modernise the civil aviation sector in India.
The leaders also welcomed Boeing's announcement of its completion of a C-17 aftermarket support facility for MRO and a new parts logistics centre in India to capture future synergies between defence and civil aviation. "India highlighted its interest in the restoration of its status under the US Generalised System of Preferences programme, which could be considered in relation to eligibility criteria determined by the US Congress. The leaders supported intensifying the work to advance progress on issues related to the eligibility criteria," the statement said.
Legislation to fast-track weapon sales
A legislation was introduced to expedite sales of weapons to India in the Us Congress. While in the House of Representatives, it was introduced by Congressmen Mike Waltz, Ro Khanna, Raja Krishnamoorthi, Andy Barr and Marc Veasey, in the Senate, it was Mark Warner and John Cornyn.
The move, aimed at strengthening the strategic partnership of the nations, will help place India on equal footing with other partners and allies of the US by streamlining and accelerating the review and sales process for foreign military sales and exports under the Arms Export Control Act. "The United States and India are bonded by our shared national security interests and democratic values which is why it is so important we continue to strengthen our global partnership to address the threats of today," Waltz said.
The Congressman said that as "our militaries continue to conduct joint military exercises and coordinate through the Quadrilateral Security Dialogue, streamlining military sales will help our two nations bolster security in the Indo-Pacific region".
Barr said that "by removing red tape around military sales, we are recognising India as the key partner it is". "Together, the United States and India will continue to cooperate and safeguard our shared national security interests and promote stability in the Indo-Pacific region," he said.
(With inputs from PTI)
