PM Modi talks with Prez Biden lays emphasis on developing trade, economic ties

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PM Modi talks with Prez Biden lays emphasis on developing trade, economic ties

Foreign Secretary Harsh Vardhan Shringla said Prime Minister Narendra Modi placed a “strong focus” on expanding trade and economic relations with the United States in his first-ever in-person meeting with President Joe Biden. On Friday, President Biden greeted Prime Minister Modi at the White House. Instead of the anticipated 60 minutes, the meeting between the two leaders in the Oval Office extended more than 90 minutes.

A discussion of the TRIPS paper was also held. He expressed India’s gratitude to the United States for supporting India and South Africa’s efforts to get an IPR waiver at the World Trade Organization (WTO) so that vaccinations may be made more widely available, particularly in poor countries.
The US International Development Finance Corporation (DFC) has a portfolio in India worth approximately USD 2.5 billion as of 2021, with projects in renewable energy, manufacturing, agriculture, healthcare, private equity, housing, and insurance among others.

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Over the following fiscal year, an extra USD 900 million in new projects are planned. During the discussion, the prime minister envisioned a decade of partnership change in the US-India relationship, which he described as a focus on tradition, technology, trade, trusteeship, and talent, according to Shringla.

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Tradition refers to democratic principles and traditions that both countries share. The most significant driving factor in the globe, but especially in the US-India relationship, is technology. Increased bilateral trade was a priority due to the great complementarities between Indian and US markets.

“Trusteeship was critical in coping with the looming global climate change issues. Trusteeship, as practised in India, including what Mahatma Gandhi himself advocated for the globe, is the way to go when it comes to securing the future and planning for future generations,” he added.
According to Shringla, talent represents the people-to-people relationship between the two nations, which is shown by the contributions made by the Indian American community.

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