In a significant display of the partnership and shared goals, President Joe Biden and Prime Minister Narendra Modi unveiled an extensive 58-point joint press statement on Thursday, underscoring the robust alliance between the United States and India. Encompassing various spheres such as politics, technology, security and global cooperation, the statement serves as a testament to the historic nature of Modi's maiden state visit. Here are the key highlights from the announcement:

Trade and Technology

As per the statement, US-India bilateral trade exceeded $191 billion in 2022, marking a nearly twofold increase since 2014. Biden and Modi commended the trade and investment partnership as an “engine for global growth.” Additionally, both leaders expressed eagerness to reconvene the India-US Trade Policy Forum by the end of 2023.

Notably, they welcomed the expansion of talent, innovation and inclusive Growth through focused efforts under the re-launched US-India Commercial Dialogue. They said that the establishment of the interagency-led Strategic Trade Dialogue in June 2023 was hailed as a significant milestone to explore avenues for enhancing high technology commerce and facilitating technology transfer.

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The signing of a Memorandum of Understanding (MoU) on Semiconductor Supply Chain and Innovation Partnership was also recognised as a noteworthy achievement for the countries' semiconductor incentive programs.

Furthermore, the launch of two Joint Task Forces on advanced telecommunications, with a specific focus on research and development of technologies like Open RAN and 5G/6G, was announced.

Lastly, the leaders applauded the joint Indo-U.S. Quantum Coordination Mechanism, which aims to foster collaboration among industry, academia, and government.

Defence

The joint statement celebrated the adoption of a Defence Industrial Cooperation Roadmap, providing policy direction to defense industries and promoting co-production.

Moreover, the signing of an MoU between General Electric and Hindustan Aeronautics Limited garnered attention, as it enables the manufacturing of GE F-414 jet engines in India for the HAL's Light Combat Aircraft Mk 2.

Another significant development was the launch of the U.S.-India Defense Acceleration Ecosystem (INDUS-X).

Ukraine War

Both leaders expressed deep concern over the ongoing conflict in Ukraine and mourned the humanitarian loss and consequences it has brought about. They called for greater efforts to mitigate the effects of the war and emphasised the need for a peaceful resolution.

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Global good

President Biden and Prime Minister Modi reiterated their commitment to strengthening the Quad as a partnership for global good. They emphasised the significance of a "rules-based international order" and reaffirmed their determination to counter any attempts at unilaterally subverting the multilateral system.

The leaders also expressed their dedication to a free, open, inclusive, peaceful, and prosperous Indo-Pacific region. Furthermore, the two nations looked forward to bolstering the partnership between the I2U2 countries (India, Israel, United Arab Emirates and the United States).

Lastly, both countries reaffirmed their shared values of democracy, freedom, inclusion, human rights, pluralism, and equal opportunity.