Politics

India-US economic relations ‘a step up’; to develop ambitious and shared vision

TPF could be major platform for collaboration, cooperation in trade matters, resolving bilateral trade concerns, and trade policy issues

PGurus Newsdesk

November 24, 2021

TPF could be major platform for collaboration, cooperation in trade matters, resolving bilateral trade concerns, and trade policy issues

India US to take economic ties to the next high level

India US held the 12th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) in New Delhi on November 23, 2021, with a view to advancing the goal, to develop an ambitious, shared vision for the future of the trade relationship as announced by PM Modi and President Biden at their September 24, 2021 meeting.

India and the US have decided to activate the India-United States Trade Policy Forum working groups on agriculture, non-agriculture goods, services, investment, and intellectual property.

India-US reaffirmed their commitment to take the economic relationship between the two countries to the next high level. Commerce and Industry Minister of India Shri Piyush Goyal and USTR Ambassador Katherine Tai also ensured that India-US TPF takes a firm decision to integrate the economies across sectors and move towards securing an ambitious future for trade relations between the two strategic partners and democracies.

This was decided in order to address issues of mutual concern at the 12th Ministerial-level meeting of the India-US TPF here with a view to advancing the goal, to “develop an ambitious, shared vision for the future of the trade relationship,” as announced by Prime Minister Narendra Modi and President Joe Biden at their September 24, 2021, meeting.

The ministers recognized the importance of engaging in a collaborative discussion on the full range of existing and emerging issues affecting our trade relationship. In this regard TPF could be the major platform for collaboration and cooperation in trade matters, resolve bilateral trade concerns and explore important, emerging trade policy issues.

The two countries emphasized collaboration and constructive engagement in various multilateral trade bodies, including the WTO, the G20, etc., for achieving a shared vision of a transparent, rules-based global trading system among market economies and democracies, while on the other, the two countries also focussed on tangible benefits to farmers and businesses of both countries by resolving outstanding market access issues through continuous engagement, a release from the Ministry of Commerce and Industry said.

The farm sector issues comprise agreement on market access facilitation for mangoes and pomegranates, pomegranate arils from India, and cherries and alfalfa hay for animal feed from the US. The two countries also agreed to work to resolve market access for grapes from India and pork/ pork products from the US.

Another important area emphasized was on participation and collaboration of the private sector in both countries in building stronger linkages in critical sectors (including cyberspace, semiconductors, AI, 5G, 6G, and future generation telecommunications technology), and supporting resilient and secure global supply chains.

“Significance of IP protection and enforcement for promotion of innovation as well as bilateral trade and investment in IP-intensive industries was noted too,” the release said.

Union Commerce and Industry Minister Piyush Goyal and US Trade Representative (USTR) Ambassador Katherine Tai underlined the importance of integrating the two economies across sectors to harness the untapped potential of the relationship, it said.

“In this regard, TPF could be the major platform for collaboration and cooperation in trade matters, resolve bilateral trade concerns and explore important, emerging trade policy issues,” the release added.

[With Inputs from IANS]

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