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Elevating overall economic partnership between India and US
India, US leaders underlined the pivotal role played by the Trade Policy Forum
US Trade Representative Ambassador Katherine Tai (left) and India’s Minister of Commerce and Industry, Piyush Goyal (right) stressing the need to elevate bilateral economic ties / Image: @AmbassadorTai
India’s Minister of Commerce and Industry, Piyush Goyal, and US Trade Representative Ambassador Katherine Tai co-chaired the 14th Ministerial-level meeting of the India- US Trade Policy Forum (TPF) meeting in New Delhi on January 12.
During the meeting, they noted that effective implementation of the forum plays a pivotal role in fortifying resilient bilateral trade and elevating the overall economic partnership between the nations.
Minister Goyal briefed about India’s objectives, including those related to national security concerns. Ambassador Tai, on the other hand, expressed a willingness to collaborate with India on the shared objective of supply chain resilience. Goyal reiterated India’s interest in restoration of its beneficiary status under the US Generalized System of Preferences program.
It was noted that the movement of professional and skilled workers, students, investors and business visitors between the two countries has enhanced bilateral economic and technological partnership. Goyal acknowledged the challenges faced by business visitors from India due to visa processing time and requested the US to augment processing.
Camaraderie, shared prosperity & a stronger India-US partnership!
It's great to be in Delhi to meet with my friend, Minister @PiyushGoyal for the U.S.-India Trade Policy Forum. In 2023, the
The meeting took note of the strong momentum in the India-US bilateral trade in goods and services, which continued to rise and surpassed US$ 200 billion in 2023 despite the challenging global trade environment.
The officials also acknowledged the role of professional services in catalyzing bilateral trade between the two countries and noted that issues related to the recognition of professional qualifications and experience can facilitate services trade.
During the meeting, officials also planned to launch future joint initiatives in certain areas, including critical minerals, customs and trade facilitation, supply chains, and trade in high-tech products.
Ambassador Tai appreciated India’s G20 Presidency and the outcomes achieved in the G20 Trade and Investment Working Group, including the adoption of high-level principles on digitalization of trade documents.
A statement by India’s Commerce Ministry said that both India and the USA are natural partners, and have trade complementarities, long-standing strategic and economic relationships, and people-to-people contact. The two countries are also collaborating under the QUAD, I2U2 (India-Israel/ UAE-USA) IPEF (Indo-Pacific Economic Framework), and Commercial Dialogue.
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