U.S.-India Initiative on Critical and Emerging Technology

Background:

Initiative on Critical and Emerging Technologies (iCET)was announced by India and the US in May 2022. It was officially launched in January 2023 and is being run by the National Security Council of both countries.
Under iCET, both countries have identified six areas of cooperation which would include co-development and co-production, that would gradually be expanded to QUAD, then to NATO, followed by Europe and the rest of the world.
Under iCET, India is ready to share its core technologies with the US and expects Washington to do the same.
It aims to promote collaboration in critical and emerging technology areas, including AI, quantum computing, semiconductors, and wireless telecommunication.

Linkage:

The U.S. has emerged as India’s biggest trading partner in 2022-23 on account of increasing economic ties between the two countries.
The bilateral trade between India and the U.S. increased by 7.65% to USD 128.55 in 2022-23 as against USD 119.5 billion in 2021-22.
Exports to the U.S. rose by 2.81% to USD 78.31 billion in 2022-23 as against USD 76.18 billion in 2021-22, while imports grew by about 16% to USD 50.24 billion.

Current news:

Recently, India and the United States have taken a significant step towards strengthening their strategic partnership and driving technology and defence cooperation. UnderiCET, the two nations have unveiled a roadmap for enhanced collaboration in high-technology areas.
The initiative focuses on addressing regulatory barriers, aligning export controls, and fostering deeper cooperation in critical and emerging fields.

Impact:

Key achievements include the Quantum Coordination Mechanism, public-private dialogue on telecommunication, important exchanges on AI and space, MoU on establishing a semiconductor supply chain, and the conclusion of a roadmap for defence industrial cooperation.
The two countries are close to finalising a mega jet engine deal, and a new initiative called the India-U.S. Defence Acceleration Ecosystem (INDUS-X) is set to be launched.
Strategic Trade Dialogue has been established to address regulatory barriers and review export control norms.