India-US Collaboration: Strengthening Ties in Pharma Sector

The key areas of cooperation that emerged from these discussions include supply chain collaboration in pharma sector and sectors such as semiconductors, critical minerals, and energy.

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Last Updated on December 23, 2023 by Hitesh Goyal

Pharma Sector

India and the US have recently reaffirmed their commitment to enhancing cooperation in crucial pharma sector and other sectors such as, semiconductors, critical minerals, and emerging technologies.

This collaborative effort was underscored during a review meeting between Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo at the India-US CEO Forum.

Key Discussions and Focus Areas: Pharma sector

During the virtual meeting, both sides expressed their commitment to closer engagement based on trust.

The key areas of cooperation that emerged from these discussions include supply chain collaboration in pharma sector and sectors such as semiconductors, critical minerals, and energy.

Additionally, there was a focus on collaborative opportunities in green tech and the scaling up of manufacturing for clean tech.

Strengthening the partnership in critical and emerging technologies was also highlighted as a priority.

Forum Recommendations and New Members

Gina Raimondo urged the CEO Forum to capitalize on the current momentum and implement pivotal recommendations outlined by forum members.

The announcement of four new members from the US industry, including Honeywell, Pfizer, Kyndryl, and Viasat, adds further strength to the forum.

The India-US CEO Forum, co-chaired by N Chandrasekaran and James Taiclet, serves as a key advisory body in the India-US Commercial Dialogue, with the participation of 27 CEOs from both sides.

Government Acknowledgment and Reforms

Commerce and Industry Minister Piyush Goyal acknowledged the contributions made by Forum members, emphasizing their role in guiding the government to undertake concrete reforms.

These reforms include the doubling of the export value threshold for courier customs clearance and the inclusion of a separate chapter on e-commerce in the Foreign Trade Policy.

Leveraging Industry Platforms

Goyal encouraged the industry to leverage platforms such as the Semiconductor Supply Chain and Innovation Partnership, Innovation Handshake, India-Middle East-Europe Economic Corridor, and the Global Biofuels Alliance.

Exploring collaborative opportunities on these platforms can further strengthen the bilateral relationship.

Future Prospects and Conclusion

The eighth meeting of the forum since its reconstitution in December 2014 concludes with a plan for the next meeting early next year.

As India and the US continue to foster cooperation in various sectors, this collaboration holds great promise for mutual growth and advancement.

The significance of such partnerships is crucial in the ever-evolving landscape of global trade and innovation.

Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.

FAQs

  1. What is the India-US CEO Forum, and why is it important?
    The India-US CEO Forum is a key advisory private sector body in the India-US Commercial Dialogue, comprising CEOs from leading Indian and US-based companies. It plays a pivotal role in strengthening economic ties and fostering collaboration.
  2. What are the key areas of cooperation discussed in the meeting?
    The meeting emphasized supply chain collaboration in pharma sector and other sectors such as semiconductors, critical minerals, and energy. It also highlighted opportunities in green tech, clean tech manufacturing, and the partnership in critical and emerging technologies.
  3. Who are the co-chairs of the India-US CEO Forum?
    N Chandrasekaran, Chairman of Tata Sons, and James Taiclet, President and CEO of Lockheed Martin, serve as co-chairs of the forum.
  4. What government reforms were acknowledged during the meeting?
    Commerce and Industry Minister Piyush Goyal acknowledged reforms initiated by the government, including the doubling of export value thresholds and the inclusion of a separate chapter on e-commerce in the Foreign Trade Policy.
  5. How can industries leverage platforms mentioned in the article?
    Industries are encouraged to leverage platforms such as the Semiconductor Supply Chain and Innovation Partnership, Innovation Handshake, India-Middle East-Europe Economic Corridor, and the Global Biofuels Alliance for collaborative opportunities.

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