Goyal-Tai underline significance of TPF forging robust bilateral trade ties
The US-India bilateral trade in goods and services is likely to have surpassed US$200 billion in calendar year 2023 despite a challenging global trade environment, Commerce and Industry Ministry said after hosting the 14th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) in New Delhi on 12 Jan 2024
The meeting co-chairs Commerce and Industry Minister Piyush Goyal and U.S. Trade Representative Ambassador Katherine Tai underlined the significance of the TPF in forging robust bilateral trade ties and in enhancing the overall economic relationship.
They acknowledged that considering the size of their economies, significant potential remains unrealized and expressed their mutual desire to further enhance engagement with the goal of continuing to increase and diversify bilateral trade.
In this regard, the Ministers underlined the significance of the TPF in forging a robust economic relationship.
The Ministers highlighted the work undertaken by the TPF Working Groups since the 13th TPF Ministerial (held in Jan 2023) through regular high-level meetings. They expressed their intent to continue to work together on resolving outstanding trade issues and highlighted both progress and upcoming engagement on a select number of those issues. Non-Agricultural Goods
Ambassador Tai raised the issue of India’s new import requirements for computers, tablets, and servers. Minister Goyal described India’s objectives, including those related to national security concerns, and Ambassador Tai expressed a willingness to collaborate with India on the shared objective of supply chain resilience in this sector.
India conveyed its willingness to continue engaging on this issue with the United States and other interested stakeholders.
She further welcomed that India has implemented the “import management system for specified IT Hardware” in a facilitative manner that has thus far minimized the impact on trade and urged India to ensure that the end-to-end online system currently in operation and related policies do not restrict trade going forward.
Minister Goyal reiterated India’s interest in restoration of its beneficiary status under the U.S. Generalized System of Preferences program. Ambassador Tai noted that this could be considered, as warranted, in relation to the eligibility criteria determined by the U.S. Congress.
The Ministers also conveyed their interest in enhancing their ongoing dialogue on food and agricultural trade issues in 2024 and to continue working to address outstanding issues through the Agriculture Working Groups, as well as the relevant sub-groups, utilizing science and risk-based principles.
The Ministers exchanged views on the potential of digital trade to spur economic growth and innovation. The Ministers discussed India’s new Digital Personal Data Protection Act (DPDPA).
Ambassador Tai appreciated India’s extensive consultations and noted that India’s approach of enhancing data protection, privacy and security while enabling connectivity will support further expansion of the bilateral digital trade. Both Ministers expressed their desire to continue engaging as India begins to draft rules for implementing the DPDPA.
Minister Goyal highlighted India’s leadership in further developing Digital Public Infrastructure (DPI). Both sides recognized the potential of Digital Public Infrastructure (DPI) approaches for enabling open and inclusive digital economies.
The Ministers expressed their interest in further collaborating to ensure that DPI is utilized in a manner that ensures competitive markets and promotes inclusive development, and includes appropriate safeguards to protect privacy, data security, and intellectual property.
The Ministers acknowledged the role of professional services in catalyzing bilateral trade between the two countries and noted that issues related to recognition of professional qualifications and experience can facilitate services trade. In this context, both sides agreed to continue discussions on promoting engagement in these sectors.
The Ministers noted that the movement of professional and skilled workers, students, investors and business visitors between the countries contributes immensely to enhancing the bilateral economic and technological partnership.
Minister Goyal highlighted challenges being faced by business visitors from India due to visa processing time periods and requested the United States to augment processing. Resilient Trade
He also conveyed India’s interest in being recognized as a Trade Agreements Act designated country by the United States.
The Ministers concluded the meeting by directing the five TPF Working Groups to reconvene quarterly, either in person or virtually, and identify specific trade outcomes to ensure that the trade relationship continues on its positive trajectory.
They also instructed senior officials to hold an in person inter-sessional TPF meeting by mid-2024 and plan to reconvene the TPF at the Ministerial level before the end of 2024. Fiinews.com
