USIBC recommends big ideas to Biden Administration to boost Indian-American ties
US India Business Council (USIBC), on the event of India’s 72nd Republic Day, additionally really useful to the Biden Administration to restructure the US-India Strategic Energy Dialogue to embrace Climate and Sustainable Growth and create a US-India Scholars Endowment to help larger training exchanges.
The ideas additionally embrace reimagining and reconstitute present US-India Trade and Commercial Dialogues right into a single US-India Strategic Trade Dialogue, creating a brand new US-India Global Digital Partnership to be headed by Vice President Harris and restructuring the US-India Health Dialogue to increase the mandate and embrace personal sector participation, in accordance to the USIBC.
The suggestions mirror USIBC’s lengthy standing view that the pure partnership between the 2 nations will be leveraged to strengthen each international locations’ financial recoveries and create a basis for financial progress and job creation within the years forward, it mentioned.
USIBC president Nisha Desai Biswal mentioned: “As leaders around the globe reconsider their approach to global trade and investment, both the US and India can and should do more to achieve the shared goal of USD 500 billion in two-way trade”.
USIBC mentioned it stands prepared to help the Biden administration on work to develop the financial insurance policies that may rework the 2 economies and create thousands and thousands of high-quality jobs at residence and overseas.
The US and India share a standard set of values, strong democratic programs, and cultures of entrepreneurship, in addition to lengthy standing people-to-people ties that make the 2 international locations pure companions, it mentioned.
India-US business relationship has seen fast-paced progress over the previous decade, with bilateral items and companies commerce rising 12.6 per cent in 2019 to attain USD 146.1 billion. Still, the connection holds important untapped potential.
Business-friendly insurance policies can unlock upwards of USD 150 billion in new commerce over the subsequent 4 years, as decision of regulatory points for each US and Indian corporations opens the door for extra expansive progress, the USIBC mentioned.
In its submission, the USIBC really useful that the brand new USISTD be co-chaired by the US Secretary of Commerce, the US Secretary of State, and the US Trade Representative, who would invite the Government of India to title comparable counterparts.
The USISTD ought to deal with lowering commerce impediments to strengthen the strategic relationship and help a objective of USD 500 billion in two-way commerce by 2024.
For the USISTD to succeed, each governments should construct a complete “wish list” of core problems with significance to business, it mentioned.
The USIBC has additionally really useful the 2 sides arrange an skilled group consisting of senior officers, business representatives and educational thought leaders to construct a doc for dialogue below the USISTD.
The USIBC, in collaboration with an India-based counterpart, can companion with the US and Indian governments to launch this skilled group, it mentioned.
Proposing the creation of a US-India Global Digital Partnership (USIGDP) to facilitate discussions between essential stakeholders throughout authorities and business, USIBC mentioned that following the mannequin of the National Space Council, the USIGDP must be headed by Vice President Harris, who would delegate essential components of the dialogue to related departments or businesses.
Through dialogue with the Government of India, applicable counterpart(s) throughout the Prime Minister’s Office may very well be recognized, it mentioned.
The US and India are leaders within the digital financial system, which powers an unlimited share of worldwide innovation, commerce and funding, and STEM job creation.
A profitable Indian-American diaspora- together with many within the tech sector-provides US and Indian business with entry to capital, know-how, and a high-quality pool of technical expertise.
“The Biden administration should invest in partnerships that position the US and India to lead the next generation of technology development,” USIBC mentioned.
Observing that the COVID-19 pandemic essentially reshaped world well being discussions and priorities, USIBC really useful restructuring and re-energising the US-India Health Dialogue to create a discussion board that may deal with essential coverage points in a post-pandemic period.
To create a sustainable and resilient restoration, the US-India Health Dialogue ought to promote financial, commerce, well being, and social collaboration between the 2 governments and personal sector establishments from each international locations, it mentioned.
Noting that the US-India Strategic Energy Dialogue is a dynamic platform for dialogue, however in recent times has moved away from local weather objectives, USIBC mentioned that with the appointment of US Special Presidential Envoy for Climate John Kerry, it’s an opportune time to reintroduce local weather into the present dialogue.
This dialogue may very well be co-chaired by Special Presidential Envoy Kerry and the US Secretary of Energy and would leverage experience from authorities, business, US National Laboratories, and analysis establishments.
