US–India CEO Forum
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| Formation | 2005; 19 Years ago |
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| Purpose | Platform for dialogue across key sectoral themes and to identify areas for closer collaboration for mutual benefit of both economies |
| Locations |
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Minister of Commerce and Industry | Piyush Goyal |
US Secretary of Commerce | Gina Raimondo |
Parent organization | US Department of Commerce Ministry of Commerce and Industry, Government of India |
| Website | https://www.commerce.gov/tags/us-india-ceo-forum |
The US–India CEO Forum, also known as India–US CEO Forum, is a bilateral platform designed to foster dialogue and collaboration between leading business leaders from the United States and India. Established to enhance trade and economic ties between the two nations, the forum brings together CEOs and senior executives from a wide range of industries, including technology, finance, manufacturing, healthcare, and more.[1] The forum aims to identify opportunities for mutual growth, address key challenges in the bilateral economic relationship, and provide strategic recommendations to both governments and remains a vital conduit for addressing business challenges and advancing the mutual economic interests of both economies.
The forum was officially reconstituted by U.S. Secretary of Commerce Gina Raimondo and India's Commerce and Industry Minister Piyush Goyal in November 2022 to unite top business executives from both countries and explore strategies to enhance economic and commercial relations between the United States and India.[2][3]
Background
[edit]The US–India CEO Forum was launched in 2005 by the Governments of India and the United States to enhance economic cooperation and strengthen commercial ties between the two nations. Since its reconstitution, the forum has convened several times, serving as a strategic platform for business leaders to discuss key issues impacting bilateral trade and investment.[4]
On December 10, 2022, U.S. Secretary of Commerce Gina Raimondo and India's Commerce and Industry Minister Piyush Goyal officially relaunched the forum virtually, underscoring its continued importance in fostering dialogue across key sectors and identifying opportunities for collaboration.[5]
Presently, the forum is co-chaired by Mr. N. Chandrasekaran, Chairman of Tata Sons, and Mr. James Taiclet, President and CEO of Lockheed Martin, and includes CEOs from leading companies in both countries. Senior government officials, such as Mr. Taranjit Sandhu, the Indian Ambassador to the US, also participate in the forum's meetings to ensure alignment between private sector interests and governmental policy.
Objectives
[edit]The primary objectives of the US–India CEO Forum include:[6]
- Strengthening Economic Ties: The forum seeks to enhance the economic partnership between the United States and India by promoting trade, investment, and innovation. It focuses on identifying new sectors for growth and ways to deepen existing economic links.
- Policy Advocacy: The forum provides a platform for business leaders to engage with government officials from both countries to discuss policy issues that affect bilateral trade and investment. It serves as a conduit for conveying private sector perspectives on regulatory and policy frameworks.
- Facilitating Collaboration: By bringing together top executives from both countries, the forum encourages collaboration on joint ventures, technological innovation, and strategic investments. It fosters a cooperative environment for businesses to explore and develop new opportunities.
- Addressing Challenges: The forum identifies and addresses challenges that hinder economic cooperation, such as trade barriers, regulatory hurdles, and market access issues. It works towards finding mutually beneficial solutions to these challenges.
Key activities
[edit]The US–India CEO Forum undertakes various activities to achieve its objectives:
- Regular Meetings: The forum holds regular meetings where CEOs discuss key issues, share insights, and develop strategic recommendations. These meetings often coincide with high-level diplomatic visits or major economic summits.
- Working Groups: The forum operates several working groups focused on specific sectors, such as entrepreneurship, digital economy, energy, infrastructure, and healthcare. These groups delve into sector-specific issues and develop actionable recommendations for both governments.
- Reports and Recommendations: The forum produces reports outlining the challenges and opportunities in the US-India economic relationship. These reports include recommendations for policy changes, investment strategies, and areas of cooperation.
- Engagement with Governments: The forum engages with senior government officials from both countries to present its findings and advocate for policies that promote a favorable business environment. It serves as a bridge between the private sector and government policymakers.
- Intersessional Work: The various working groups work on collaborative initiatives to deliver social impact. NIHIT knowledge sharing platform and Prakshepan innovation hackathon were two of the notable initiatives spearheaded by working group 7 of the forum.[7]
Impact and achievements
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The forum has played a significant role in shaping the economic dialogue between the United States and India. It has contributed to several key initiatives, including:
- Bilateral Trade Agreements: The forum has been instrumental in advocating for trade agreements that benefit both countries, including reducing tariffs, enhancing market access, and protecting intellectual property rights.
- Investment and Innovation Partnerships: The forum has facilitated numerous joint ventures and partnerships, particularly in technology, energy, and infrastructure sectors. These collaborations have led to increased investment and innovation.
- Policy Reforms: Through its advocacy efforts, the forum has influenced policy reforms in areas such as taxation, regulatory frameworks, and ease of doing business, contributing to a more conducive environment for bilateral trade and investment.
References
[edit]- ^ Delhi, PIB (2022-11-10). "India-U.S. CEO Forum held virtually; Forum chaired jointly by Shri Piyush Goyal and Ms. Gina Raimondo, US Secretary of Commerce". Press Information Bureau of India. Retrieved 2024-09-03.
- ^ PTI (2022-11-10). "U.S.-India CEO Forum officially launched to bolster bilateral business ties". The Hindu. ISSN 0971-751X. Retrieved 2024-09-03.
- ^ "Readout from Secretary Raimondo's Participation in the Virtual Launch of the U.S.-India CEO Forum". U.S. Department of Commerce. 2022-11-09. Retrieved 2024-09-03.
- ^ ANI (2022-11-10). "India-US CEO Forum virtually held with discussions focussed on mutual benefits for both countries". ThePrint. Retrieved 2024-09-03.
- ^ India, U. S. Mission (2023-03-07). "Secretary Raimondo to Travel to New Delhi to Deepen U.S.-India Commercial Ties, Participate in U.S.-India Commercial Dialogue and CEO Forum". U.S. Embassy & Consulates in India. Retrieved 2024-09-03.
- ^ of India, Press Trust (2023-12-05). "US, Indian CEOs provide updates on advancing bilateral commercial ties". Business Standard. Retrieved 2024-09-03.
- ^ Delhi, PIB (2023-12-01). "Review of the India-U.S. CEO Forum: India-U.S. Industry leaders express deep commitment in expanding India-U.S. commercial ties". Press Information Bureau of India. Retrieved 2024-09-02.