India and the United States will relaunch the Trade Policy Forum (TPF), a leading forum for resolving trade and investment issues between the two countries, after four long years. Speaking on the relaunch of the TPF, Union Trade and Industry Minister Piyush Goyal said on Monday that he hoped the forum could be revitalized to engage and resolve outstanding issues between India and the United States amicably.
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“Our TPF has languished for four years,” said Goyal, quoted by the PTI news agency. âI am delighted that we were able to rejuvenate him.
The Indo-American Trade Policy Forum consists of five discussion groups – agriculture, investment, innovation and creativity (intellectual property rights), services, and tariff and non-tariff barriers. Goyal said the two countries have recognized the need to diversify critical supply chains and are poised to play an increasingly important role in resilient supply chains, working with d other like-minded nations.
“This TPF is just the start of a new chapter in our business relationship, but I hope that together we can revitalize it to initiate and resolve outstanding issues amicably and send a strong message to the world. whole that the United States and India are stronger partners than ever “, declared the Minister of the Union.
Notably, United States Trade Representative Katherine Tai is here in India for a two-day visit. During trade policy discussions with the Union Minister of Trade and Industry, it was decided that the United States would keep in mind the vastly different levels of prosperity between different nations.
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India’s competitive advantage in terms of cost, skilled labor and huge domestic market, combined with US innovation and investment, can become a winning partnership between “natural friends,” said Goyal.
Bilateral trade between India and the United States amounted to $ 80.5 billion in 2020-2021. India received $ 13. US $ 8 billion in foreign direct investment in 2020-2021. Taking note of this, the Union Minister said: “As bilateral merchandise trade amounted to $ 80 billion in 2020. It has now reached the same level in the first quarters of 2021.” He further said that the Indian economy had recovered strongly and that rising economic indicators indicate that “India is preparing for a decade of growth”.