India-US meeting discussed trade ties


India-US meeting at White House

In first-ever in-person meeting with United States’ president Joe Biden, Prime Minister Narendra Modi put strong emphasis on deepening trade and economic relations with United States. Both leaders felt the need to consult with concerned ministers about how to impart greater dynamism to trade relationship and speedy implementation of decisions required to accelerate trade ties between both the economies.

In the meeting, the discussion also included TRIPS paper. India appreciated support shown by US on India ans South Africa’s request to waiver the IPR at WTO to improve availability of vaccines in developing nations. The US also looks forward to next US-India meeting of commercial dialogue and CEO Forum in order to boost business and commercial ties between the two.

The US International Development Finance Corporation (DFC) has a portfolio worth US$ 2.5 billion in India, which covers various projects. The sectors covered under these projects include healthcare, private equity, housing, manufacturing, renewable energy, agriculture, and insurance. Over the next fiscal year, an additional investment of US$ 900 million is expected.

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