MoU To Enhance Innovation Under India – U.S. Commercial Dialogue

Utkarsh Classes Last Updated 15-11-2023

MoU To Enhance Innovation Under India – U.S. Commercial Dialogue

Agreements and MoU 4 min read

India and the US signed a Memorandum of Understanding (MoU) in San Francisco on November 14, 2023. The Memorandum of Understanding "Enhancing Innovation Ecosystems Through an Innovation Handshake" was signed as part of the India-US Commercial Dialogue. The foundation of the "Innovation Handshake" was announced in the leaders' Joint Statement during the Prime Minister's historic formal State Visit in June 2023. The US-India Business Council (USIBC) and the Confederation of Indian Industry (CII) co-hosted the event, which was backed by the National Association of Software and Service Companies (NASSCOM) and Startup India.

India-US Memorandum of Understanding (MoU)

The Memorandum of Understanding was signed in San Francisco during the kick-off industry roundtable titled "Decoding the "Innovation Handshake": US-India Entrepreneurship Partnership."
The Memorandum of Understanding was formed with the goal of connecting the two sides' vibrant startup ecosystems and addressing specific regulatory impediments.
It seeks to foster innovation and employment creation in critical and emerging technologies (CET), as recognised by the India-US Critical and Emerging Technology Initiative (iCET).
The Memorandum of Understanding (MoU) is a mutual commitment to develop the startup ecosystem in deep tech areas and foster collaboration in Critical and Emerging Technologies (CET).

Innovation Handshake

The "Innovation Handshake" brings in a new era of partnership between the US and India.
In support of the US-India Initiative on Critical and Emerging Technology (iCET), the US-India Commercial Dialogue will establish an "Innovation Handshake" to link the startup ecosystems of both nations.
The India-US MoU paved the way for two additional Innovation Handshake events to be held in India and the United States in early 2024.
It comprises an investment forum intended at assisting American and Indian startup firms in bringing their creative ideas and products to market, as well as a "hackathon" in Silicon Valley.

India-U.S. Commercial Dialogue

The Commercial Dialogue (CD) is a Ministerial-level collaboration between India and the United States.
Its goal is to promote frequent dialogue in order to strengthen links between business communities, enhance trade, and maximise investment prospects.
The 5th India-US Commercial Dialogue took place on March 10, 2023, during the visit of US Secretary of Commerce Gina Raimondo from March 8 to March 10.
It featured the formation of a new Commercial Dialogue Working Group on Talent, Innovation, and Inclusive Growth (TIIG).
The US Secretary of Commerce has visited India to take part in the India-US Bilateral Commercial Dialogue 2023.