USIBC bats for digital partnerships
USIBC president Nisha Desai Biswal said: “Both the US and India can and should do more to achieve the shared goal of $ 500 billion in two-way trade”.
Washington: The US-India Business Council on Tuesday recommended a slew of ideas to the new Biden Administration to strengthen the India-US partnership, including reconstituting the existing US-India Trade and Commercial dialogue and creating a new digital partnership under the headship of Vice President Kamala Harris.
US India Business Council (USIBC) also recommended to restructure the US-India Strategic Energy Dialogue to include Climate and Sustainable Growth and create a US-India Scholars Endowment to support higher education exchanges.
The ideas also include reimagining and reconstitute existing US-India Trade and Commercial Dialogues into a single US-India Strategic Trade Dialogue, creating a new US-India Global Digital Partnership to be headed by Vice President Harris and restructuring the US-India Health Dialogue to expand the mandate and include private sector participation.
USIBC president Nisha Desai Biswal said: “Both the US and India can and should do more to achieve the shared goal of $ 500 billion in two-way trade”.
USIBC is ready to support the Biden administration on work to develop the economic policies that will transform the two economies and create millions of high-quality jobs at home and abroad.
India-US commercial relationship has seen fast-paced growth over the past decade, with bilateral goods and services trade growing 12.6 per cent in 2019 to reach $146.1 billion. Still, the relationship holds significant untapped potential. Business-friendly policies can unlock upwards of $150 billion in new trade over the next four years, as resolution of regulatory issues for both US and Indian companies opens the door for more expansive growth, the USIBC said.
The USIBC has also recommended the two sides set up an expert group consisting of senior officials, industry representatives and academic thought leaders to build a document for discussion.
Proposing the creation of a US-India Global Digital Partnership (USIGDP), USIBC said the National Space Council model could be followed. The US and India are leaders in the digital economy, which powers a vast share of global innovation, trade and investment, and STEM job creation.
A successful Indian-American diaspora— including many in the tech sector—provides US and Indian industry with access to capital, technology, and a high-quality pool of technical talent, it said.
The US-India Health Dialogue should promote economic, trade, health, and social collaboration between the two governments and private sector institutions from both countries, it said.
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