G20 Summit 2023 | Key takeaways from PM Modi and US President Joe Biden's bilateral talks

The US contingent also comprised Treasury Secretary Janet Yellen and White House National Security Adviser (NSA) Jake Sullivan, a statement from the White House stated, while the Indian delegation comprised Union External Affairs Minister S Jaishankar and NSA Ajit Doval.

A joint statement issued after bilateral talks between the two leaders also said the Prime Minister looked forward to welcoming the US President to the next Quad Leaders' Summit to be hosted by India in 2024. The Quad, comprising India, the US, Japan and Australia, has been focusing on practical cooperation to ensure a free and open Indo-Pacific in the backdrop of China's increasing military muscle-flexing in the region.

The joint statement was issued after comprehensive talks between Modi and Biden to further economic and people-to-people bilateral linkages with the Prime Minister asserting that the friendship between the two nations will continue to play a great role in furthering global good.

"Prime Minister Modi and President Biden reaffirmed the importance of the Quad in supporting a free, open, inclusive, and resilient Indo-Pacific," the statement said.

India welcomed the US decision to co-lead the Indo-Pacific Oceans Initiative Pillar on Trade Connectivity and Maritime Transport, further to the US decision to join the Indo-Pacific Oceans Initiative (IPOI) in June 2023, it added.

Biden reaffirmed his support for a reformed UN Security Council with India as a permanent member, and, in this context, welcomed once again India’s candidature for the UNSC non-permanent seat in 2028-29, the statement said.

Commitment to a comprehensive UN reform agenda, including expansion in permanent and non-permanent categories of membership of the UN Security Council.

Both leaders vowed to "deepen and diversify" the bilateral major defence partnership while welcoming forward movement in India's procurement of 31 drones and joint development of jet engines.

-Both countries agreed to set up a Renewable Infrastructure Investment Fund with up $1 billion worth of investments ($500 million each)

The leaders agreed to cooperate on the accelerating nuclear energy in India for the power sector

The two leaders deliberated on India's G20 presidency, cooperation in nuclear energy, critical and emerging technologies such as 6G and artificial intelligence, and ways to fundamentally reshape multilateral development banks.

The two leaders welcomed the completion of the Congressional notification process and the commencement of negotiations for a commercial agreement between GE Aerospace and Hindustan Aeronautical Limited (HAL) to manufacture GE F-414 jet engines in India.

They were 'recommitted' to work collaboratively and expeditiously to support the advancement of this unprecedented co-production and technology transfer proposal, the statement said.

The two lauded the settlement of the final World Trade Organization (WTO) dispute between the two countries.

- They were for growing bilateral cooperation in cancer prevention, research, control and management. The India-US Cancer Dialogue will be held in November 2023 and the US India Health Dialoguee in October.

- The leaders welcomed the renewal of a Memorandum of Arrangement between the U.S. Department of Defense POW/MIA Accounting Agency and the Anthropological Survey of India (AnSI) to facilitate recovery from India of the remains of fallen U.S. service members who served in World War II," the statement said.

- The two leaders pledged to sustain the high-level of engagement between their governments, academic institutions and industries

The US president is visiting India primarily to attend the two-day G20 summit beginning Saturday. He arrived in Delhi around 7 PM and was greeted with songs and a musical show at the airport.

Modi is scheduled to hold 15 bilateral meetings over these two days when world leaders gather in the national capital for the summit. The Prime Minister earlier said these meetings would give an opportunity to review India's bilateral ties with these nations and further strengthen developmental cooperation.

"It is my firm belief that the New Delhi G20 Summit will chart a new path in human-centric and inclusive development," the PM posted on X, adding, "I look forward to productive discussions with world leaders over the next two days."

"I will also be holding bilateral meetings with several leaders and Heads of Delegation to further deepen the bonds of friendship and cooperation," Modi said. On Saturday, he will hold bilateral meetings with leaders of the UK, Japan, Germany, and Italy besides attending the G20 events.

The G20 member countries represent around 85 percent of the global GDP, over 75 percent of the global trade and about two-thirds of the world population.

The grouping comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).