Indo-US economic ties to be high priority for Biden: CII

The Confederation of Indian Industry (CII) on Thursday said it believes that India-US bilateral economic ties would be a high priority for President Joe Biden-led administration in America.

"The Indian industry feels that with President Biden and Prime Minister (Narendra) Modi at the helm, the two countries would play a strong role in re-shaping the global economic agenda together," CII president Uday Kotak said.

Congratulating Biden on assuming charge as the 46th President of the US, Kotak said, "President Biden's experience in re-building the US economy during the Great Recession would help strengthen the US and global economic recovery in the aftermath of the pandemic."

He added that Biden has long been a supporter of the India-US relationship and "we believe that bilateral economic ties would be a high priority for the new administration".

Kotak said Biden was directly involved in many of the achievements in the India-US partnership, including the US-India Civil Nuclear Agreement, the designation of India as a US 'Major Defense Partner', and the US' support of India's permanent membership on the UN Security Council.

He also congratulated Kamala Harris on taking oath as the new vice-president of the US and said, "Vice-President Harris has made history as the first woman, as well as the first person of South Asian heritage, to take the office."

"We look forward to working with her to strengthen India's multi-dimensional partnership with the US," Kotak said.

CII director-general Chandrajit Banerjee said India and the US can strengthen their collaboration in pharma and healthcare, energy and climate change, and innovation and emerging technologies.

"Together, through consultative and constructive collaborations of industry and government, India and the US can create the enabling business environment to repair lives and livelihoods from COVID-19 and build back stronger," he added.

Currently, trade between India and the US is at its highest peak in the history of the two nations, with total two-way trade flows at over $150 billion despite the global economic slowdown.

In April-November 2020-21, the US was India's largest export destination and second-largest source of imports, CII said.

Photograph: Jim Urquhart/Reuters