New Delhi [India], January 18 : The US-India Business Council (USIBC) has urged the incoming Trump administration in US to prioritise reciprocal trade agreements with India, particularly in defence, digital services and pharmaceuticals among others.
The council in a statement on Saturday outlined a comprehensive set of recommendations to strengthen the commercial relationship between the two nations under the new US administration.
These recommendations focus on areas of trade, technology, energy security, defense, and supply chain resilience, all aimed at advancing shared interests and spurring robust growth in both economies.
The USIBC urged that negotiating sector-specific agreements can unlock billions of dollars in economic potential and create new jobs on both sides.
Additionally, the council recommended the creation of a US-India Trade Council to focus on high-growth industries such as critical minerals and pharmaceuticals.
USIBC highlighted the opportunity for both nations in the field of Artificial Intelligence (AI) and quantum computing, with a suggestion to form US-India AI and Deep Tech Public-Private Council to promote joint research and ethical frameworks.
This initiative would encourage collaboration in areas like AI for healthcare and autonomous systems, boosting both countries' leadership in tech innovation, the USIBC added.
To address India's growing energy demand, the USIBC calls for deeper cooperation in the energy sector. The council recommended to form a US-India Energy Trade Alliance focused on oil, gas, and nuclear power, particularly small modular reactors (SMRs).
According to the council, this partnership will enhance energy security and help India to meet its clean energy goals while fostering reliable and diversified energy supply chains.
USIBC advocated for a formal Supply Chain Resilience Initiative (SCRI) to strengthen the U.S.-India partnership in pharmaceuticals, critical minerals, and medical goods.
USIBC also recommended to create a fast-track STEM visa program to facilitate the exchange of skilled professionals between the US and India.
USIBC called for expanded defense cooperation between the US and India, with recommendations that include co-production agreements, joint R&D in defense technologies, and the launch of a Defense Tech Innovation Challenge.
To foster innovation, the USIBC emphasised the need for stronger intellectual property (IP) protections in India. The council recommended to launch an Intellectual Property Protection Incubator to provide training, resources, and legal assistance for U.S. companies operating in India.
The USIBC urges the new administration to support infrastructure projects in India, particularly those valued over USD 1 billion, by establishing a fast-track program to expedite approvals and reduce delays.