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India and the United States have formalized a strategic partnership focused on critical technologies, semiconductor manufacturing, and clean energy supply chains.

External Affairs Minister S Jaishankar on Tuesday (local time) called for greater cooperation among Global South countries to address rising geopolitical tensions, economic challenges, climate shocks and pressures on the multilateral system.

Addressing the India-CELAC Foreign Ministers' Meeting, Jaishankar said India had emerged as one of the world's major economies over the past decade, with its GDP more than doubling and growth remaining robust.

Carney said the two countries are looking to reach a trade deal by the end of the year and described the relation with India as being 'exceptionally important'.

Micro and small businesses will now find it easier to get money against unpaid invoices, with the government's credit guarantee cover for financing through the Trade Receivables Discounting System (TReDS) becoming operational.