Aug312016
Posted at 12:51 PM
Yesterday, U.S. Secretary of Commerce Penny Pritzker delivered an opening statement at a press conference during the second annual U.S.-India Strategic and Commercial Dialogue (S&CD).
Secretary Pritzker serves as co-chair of the S&CD with U.S. Secretary of State John Kerry, Indian Minister of External Affairs Sushma Swaraj, and India Minister of Commerce and Industry Nirmala Sitharaman. In January 2015, President Obama and Prime Minister Modi elevated the existing U.S.-India Strategic Dialogue to the Strategic and Commercial Dialogue to reflect the growing significance of the U.S.-India economic relationship. This is the first time the S&CD will be held in India.
During her remarks, Secretary Pritzker applauded Prime Minister Modi and the Government of India for their ambitious economic agenda, including the landmark Goods and Services Tax, the new Insolvency and Bankruptcy Code, and the decision to raise foreign direct investment caps in key sectors including defense and insurance. She also highlighted the progress made during the Dialogue in areas including ease of doing business, smart cities, digital infrastructure, and energy. Secretary Pritzker closed her remarks by reflecting on the strong economic partnership between the U.S. and India.
Remarks as Prepared for Delivery
I would like to begin by recognizing my co-chairs: Secretary Kerry, Minister Swaraj and Minister Sitharaman. Thank you for your commitment to elevating the Strategic and Commercial Dialogue and strengthening the U.S.-India commercial partnership. I also want to thank the co-chairs of the U.S.-India CEO Forum, Dave Cote and Cyrus Mistry, for injecting the recommendations and perspectives of our countries’ private sectors into the bilateral commercial relationship.
In the two years since Secretary Kerry and I became the first U.S. Cabinet members to meet with Prime Minister Modi, the relationship between the United States and India has blossomed and grown. This is a tribute to the progress made through the S&CD and to the real domestic economic reforms undertaken by the Modi Government. I applaud the Prime Minister, Minister Sitharaman, and the Government of India for their ambitious agenda, including the landmark Goods and Services Tax, the new Insolvency and Bankruptcy Code, and the decision to raise foreign direct investment caps in key sectors including defense and insurance. As a result of the progress through the S&CD and as a result of the Modi Government’s reforms, today, the United States and India trade more with each other. We invest more in each other. And we do more business together than ever before.
Our challenge now is to build on that progress by thinking bigger, acting bolder, and delivering real results.
I believe we met that challenge during today’s S&CD. Our governments agreed to advance our ongoing work and move forward on a series of new initiatives that will promote our shared goal of a closer, more productive relationship between our nations and our people. Over the next year, our governments will partner to implement new recommendations from the U.S.-India CEO Forum in areas including:
- Facilitating financing for infrastructure and energy projects.
- The development of India’s smart cities.
- Enhancing digital infrastructure.
- Improving the ease of doing business, and;
- Supporting our small businesses, innovators, and entrepreneurs.
We are excited that our governments will soon sign a partnership agreement to launch the Global Procurement Initiative in India to encourage the broader adoption of value-based procurement methodologies in India’s civil sector. We also agreed to strengthen economic ties between U.S. and Indian states and cities, including by highlighting state-level business opportunities and linking U.S. and Indian companies looking to invest with local leaders and economic development officials in both countries.
Finally, we will inaugurate our first-ever bilateral dialogue on travel and tourism tomorrow. In 2015, the United States welcomed 1.13 million visitors from India, up from nearly 600,000 people in 2008. And last year, India welcomed 1.21 million visitors from the United States. The opportunities for growth are tremendous. This new effort will ensure that we are well-positioned to capitalize on our status as Travel and Tourism Partner Countries for 2017 and to bring even more visitors to both our shores.
Today, as we close the second S&CD, the strategic and commercial partnership between the United States and India has never been stronger. In a short time, we have seen how this Dialogue can make us stronger economic partners. However, we have more to do to reach the incredible potential that exists in our commercial relationship. I look forward to building upon the trust, openness, and honesty we have developed.
Thank you.
