India – USA Recent Visit
- With a 7.65% growth in bilateral trade to $128.55 billion in 2022–23, the U.S. became India’s largest trading partner overall in FY2023. Yet, the sector of digital or technological services did not become one of the most important ones for bilateral commerce.
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- India and the U.S. decided to work together on important and developing technologies under the iCET, including semiconductors, wireless telecommunication, quantum computing, artificial intelligence, and these.
- A Strategic Trade Dialogue between India and the U.S. was also established under the iCET, with an emphasis on removing regulatory obstacles and harmonising export restrictions for easier trade and “deeper cooperation” in important areas.
- The ambitious Memorandum of Understanding (MoU) inked between the two states on the Semiconductor Supply Chain and Innovation Partnership, which involves a combined investment estimated at $2.75 billion, is also included in the joint statement made on the first day of Mr. Modi’s visit.
- The two leaders established two Joint Task Forces to concentrate on research and development for 5G and 6G technologies as well as the Open RAN network on the telecommunications front.
- Also, the two nations have established the Quantum Coordination Mechanism and a collaborative fund for the commercialisation of Artificial Intelligence, demonstrating their optimism for emerging technologies like AI and quantum computing.
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