The ministry said the TPF could be the main platform for trade collaboration and cooperation, resolving bilateral trade issues and exploring trade policy issues.
Commerce Minister Piyush Goyal and US Trade Representative Katherine Tai relaunched the Trade Policy Forum (TPF) on Tuesday and agreed to discuss issues affecting trade between the two countries.
Bilateral trade between India and the United States is expected to exceed $100 billion this year.
The two ministers directed the TPF working groups to develop, by March 2022, action plans to achieve substantial progress, including the identification of a set of specific trade outcomes that could be finalized for an intersessional meeting of the TPF to be held by mid-2022. .
In addition, both sides expressed satisfaction with the strong rebound in bilateral merchandise trade this year (January-September 2021), which showed nearly 50% growth compared to the same period of the previous year.
“Bilateral merchandise trade in the current year is poised to surpass the $100 billion mark,” an official statement said.
He said ministers “recognized the importance of engaging in a collaborative discussion on all existing and emerging issues affecting our trade relationship”.
In this regard, the Ministry of Commerce said that the TPF could be the main platform for trade collaboration and cooperation, resolving bilateral trade issues and exploring important and emerging trade policy issues.
India stressed the importance of cooperation in the health sector and expressed interest in partnering with the United States and its allies in developing a secure pharmaceutical manufacturing base to increase supply chains. global supplies.
They also discussed private sector participation and collaboration in both countries to build stronger ties in critical sectors including cyberspace, semiconductors, AI, 5G, 6G and technologies. next-generation telecommunications.
India and the United States deliberated on facilitating greater market access for mangoes and pomegranates, pomegranate arils from India, and cherries and alfalfa hay for state animal feed States, the statement said.
They agreed to work to resolve market access for grapes from India and pork/pork products from the United States.
“Both parties should continue to engage in exploring greater market access for products, including United States distiller’s dried cereals with solubles and market access for buffalo meat from the United States. water and wild prawns caught in India,” he said.
Furthermore, India underscored the importance of restoring GSP (Generalized System of Preferences) benefits as it would help industries on both sides to effectively integrate their supply chain.
“The United States has marked it for appropriate review,” the statement said.
They also underlined the importance of the movement of professional and skilled workers, students, investors and business travelers between the two countries, as it greatly contributes to strengthening the bilateral economic and technological partnership.
India and the United States “have agreed on the importance of negotiating an agreement for the aggregation of social security for the benefit of workers on both sides,” he said.
The last meeting of the TPF took place in 2017.
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