After four years, India and the US will relaunch the Trade Policy Forum (TPF), a primary forum for resolving trade and investment issues between the two countries. Union commerce and industry minister Piyush Goyal said on Monday that he believed the TPF could be re-energized to engage and resolve remaining concerns between India and the United States in a constructive manner.
The PTI news agency cited Goyal as adding, “Our TPF was languishing for four years.” “I’m happy that we were able to revitalise it.”
Agriculture, investment, innovation and creativity (intellectual property rights), services, and tariff and non-tariff obstacles are the five focus groups of the India-US Trade Policy Forum. According to Goyal, the two countries have recognised the importance of diversifying vital supply chains and are set to play a larger role in developing resilient supply chains in collaboration with other like-minded governments.
This TPF is only the beginning of a new chapter in our trade relations but I do hope that together, we can revitalise it to engage and resolve outstanding issues in an amicable manner and send a strong message to the entire world that the US and India are stronger partners than ever before,” the Union minister said.
Katherine Tai, the US trade representative, is in India on a two-day visit. When debating trade policy with the Union’s commerce and industry minister, it was decided that the US would take into account the vast disparities in economic wealth among nations.
India’s competitive advantage in terms of cost, skilled manpower, and huge domestic market, combined with American innovation and investment, can become a winning partnership between “natural friends”, Goyal said.
In 2020-21, bilateral trade between India and the United States was $80.5 billion. During the 2020-21 fiscal year, India received $13. 8 billion in foreign direct investment from the United States. “While bilateral trade in products stood at USD 80 billion in 2020,” the Union minister pointed out. In the first quarters of 2021, it has now reached the same level.” He went on to say that the Indian economy has rebounded dramatically, and that rising economic indicators indicate that ‘India is poised for a growth decade.’
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