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India-U.S. CEO forum to further strengthen bilateral economic ties

  • Category
    Economy
  • Published
    17th Nov, 2022

Context

India-US CEO Forum virtually discussed ways to further strengthen economic ties between the two countries.

About

About India-US CEO Forum:

  • The U.S.-India CEO Forum was created in July 2005. The Forum is a true public-private endeavour to enhance bilateral trade and investment.
  • This is the sixth time the Forum has been convened since its reconstitution in 2014.
  • The Department for Promotion of Industry and Internal Trade (DIPP) is the nodal department for the Forum.

Significance of the Forum:

  • The Forum is a critical channel through which thetwo governments receive invaluable private sector input to sharpen our shared approach on issues at the heart of the U.S.-India commercial relationship.
  • It is an effective platform for dialogue across key sectoral themes, and to identify areas for closer collaboration for the mutual benefit of both economies.

Highlights of the CEO Forum:

  • The leads for each of the Forum's seven working groups shared their strategic outlook for their term of service.
  • This dialogue will serve as the framework under which specific recommendations will be charted out during the sixth edition of the India-US CEO Forum, due to be held early next year.
  • It focused on facilitating FDI, portfolio investment, capital market development, and financing ofinfrastructure, ICT, Energy, Water and Environment, Pharmaceuticals, etc.

Factors that makethe US the Largest Trading Partner of India:

  • India is emerging as a trusted trading partner and global firms are reducing their dependence on China for their supplies and are diversifying their business into other countries like India.
  • India has joined a US-led initiative to set up an Indo-Pacific Economic Framework (IPEF) and this move would help boost economic ties further.
  • The US has consistently been India’s largest market for services exports, but the recent overseas sales of merchandise goods to that country overtook China, making it the largest bilateral trading nation of India.
    • India’s total merchandise exports touched a record USD 418 billion in 2021-22, exceeding the Center’s target by about 5% and clocking a 40% growth over the previous year.
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