In the recently held India Leadership Summit hosted by US India Strategic and Partnership Forum (USISPF) in New Delhi, India and the US agreed on the broad contours of a proposed trade package. On October 21, a delegation of USISPF members led by Chairman John Chambers presented PM Modi with three reports, on US-India bilateral trade, high-tech manufacturing, and coal gasification.
Crux of the Matter
On the sidelines of the event, Trade minister Piyush Goyal signalled that India may ditch the China-led Regional Comprehensive Economic Partnership (RCEP) trade pact to go ahead with a trade agreement with the US. India will not rush to sign the RCEP trade pact, as it will ensure that its national interest in all sectors are protected before it does so.
“Every interest of the domestic industry and people of India has to be protected before we execute any free-trade agreement. India will ensure that on services, on investments, in every aspect our national interest is protected,” Goyal said.
Key points of the discussion with PM Modi included the country’s start-up ecosystem, government initiatives to promote innovation, and steps that the government has taken to improve the ease of doing business in India, such as reducing corporate tax and enacting labor reforms.
The USISPF has also constituted a working group of American and Indian companies in the coal gasification sector, and we look forward to working with the Government of India to bring the latest technology and investments in this sector.
Curiopedia
India Leadership Summit was organised by USISPF in New Delhi on 21 October 2019 with the theme ‘Partners of Growth’ . The event was attended by 400 participants, featuring 30 speakers including current and former members of the governments of India and the U.S. as well as global leaders in the private sector. The US-India Strategic Partnership Forum (USISPF) is a non-profit organization, with the primary objective of strengthening the U.S.-India bilateral and strategic partnership. The Executive Board came together in 2017 to establish USISPF with the purpose of enabling business and governments to collaborate and create meaningful opportunities that can positively change the lives of citizens. USISPF plays a significant role in fostering a robust and dynamic relationship between the two countries through policy advocacy that will lead to driving economic growth, entrepreneurship, employment-creation, and innovation to create a more inclusive society.
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