Top CEOs from India and US met on Monday evening to chart a new course of economic relationship between both the countries in a post-COVID world. The meeting, that happened through teleconference was also attended by US Commerce Secretary Wilbur Ross and Commerce Minister Piyush Goyal.

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The high-level CEO’s forum is backed by Washington and New Delhi and is co-chaired by N. Chandrasekaran, Chairman, Tata Sons and James Taiclet, President and Chief Executive Officer, Lockheed Martin.

The CEOs recommended a new set of reforms to both the governments in areas like healthcare and pharmaceuticals, aerospace and defence, infrastructure and manufacturing, entrepreneurship and promoting small businesses, energy, water and environment, ICT and digital infrastructure, financial services, trade and investments,

Elaborating on the needs of Indian companies, Tata Group Chairman N Chandrasekharan said both the governments should start negotiations on a Free Trade Deal and termed such a pact to be a “natural progression” of deepening India-US ties.

“He also urged the US government to recognise the contribution of India’s human capital to the US economy, and the need for unhindered cross-border mobility of such talent,” the Commerce Ministry release said.

On his part, Lockheed Martin President & CEO James Taiclet called for greater investment access for US companies in India and sought a predictable policy regime in the country.

“He highlighted the areas of unrestricted foreign ownership in certain sectors, policy stability and predictability, timely dispute resolution, protection of intellectual property and continuing investment in infrastructure as some of the key focus areas,” the Commerce Ministry release said.

According to the Commerce Ministry statement, Secretary Ross talked about collaboration in the area of pharmaceuticals, medical equipment and associated supply chains. The statement also said that Commerce Minister Piyush Goyal called for greater B2B relationship between Indian and US MSMEs and urged the Indian and US CEOs to chart a new path for a post-COVID-19 economic relationship between the two nations.