Modi and Biden discussed ways to speed up economic and trade relations: Foreign Minister Shringla

Prime Minister Narendra Modi and US President Joe Biden at the bilateral meeting at the White House Oval Office | Twitter / @ narendramodi

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Washington: In his very first face-to-face meeting with President Joe Biden, Prime Minister Narendra Modi focused on developing trade and economic relations with the United States, Foreign Minister Harsh Vardhan Shringla said.

President Biden welcomed Prime Minister Modi to the White House on Friday. The meeting of the two leaders in the Oval Office lasted more than 90 minutes, instead of the scheduled 60 minutes.

The prime minister placed great emphasis on developing trade and economic relations, Shringla told reporters at a press conference here after Friday’s meeting.

It was here that the two leaders felt they had to ask their relevant ministers – Minister of Trade and Industry in the case of India and the United States Trade Representative in the case of the United States – to see how to further boost bilateral trade relations, how to implement more quickly some of the decisions that could imply a further acceleration of trade relations between the two countries.

There was also a discussion on the TRIPS document. India appreciated the US decision to support India and South Africa’s initiative to seek an IPR waiver at the WTO, so that vaccines can be more widely available, especially in developing countries, he said.

During the discussion, Biden said he made the decision very early in his presidency and was committed to the decision.

In a backgrounder released by the White House, the Biden administration said that as part of the upcoming Trade Policy Forum, the United States seeks to work with India to resolve trade issues and improve trade. bilateral.

The United States is also looking forward to the next meeting of the US-India Trade Dialogue and CEO’s Forum to strengthen trade and trade ties between the two countries.

As of 2021, the United States’ International Development Finance Corporation (DFC) has a portfolio in India worth more than $ 2.5 billion, covering projects across multiple sectors including renewable energy, manufacturing, agriculture, health, private equity, housing and insurance. An additional $ 900 million in new projects are expected over the next fiscal year.

During the meeting, the prime minister envisioned a decade of transforming partnerships in US-Indian relations articulated by what he called a focus on tradition, technology, commerce, trusteeship and talent. , said Shringla.

Tradition being the traditions and democratic values ​​enjoyed by both countries. With technology being the most important driving force in the world, but especially in the US-India relationship. Trade given the strong complementarities between the Indian and US markets, increasing bilateral trade was a priority.

Trusteeship has played a decisive role in solving the new global challenges of climate change. Guardianship like in India, including what was espoused by Mahatma Gandhi himself for the planet, was the way forward to secure the future, planning for our future generations, he said.

Talent signifies the people-to-people bond between the two countries, which is manifested in the contributions made by the American Indian community, Shringla said.

Read also : PM Modi meets with US President Biden for his first bilateral meeting at the White House

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