NEW DELHI: Union Minister of Commerce and Industry Piyush Goyal participated in the 13th Ministerial Meeting of the India-US Trade Policy Forum in Washington. Before the delegation level talks, Goyal also held a one to one meeting with USTR Ambassador Katherine Tai. They underlined the significance of the TPF in forging robust bilateral trade ties and enhancing the bilateral economic relationship to benefit working people in both countries. 

During the meeting, the Ministers appreciated that bilateral trade in goods and services continued to rise rapidly and reached about $160 billion in 2021 while recognizing that significant potential remains unfulfilled and expressed their mutual desire to further enhance engagement with the goal of continuing to increase and diversify bilateral trade.

They reviewed the work done by various working groups which were activated since last TPF meeting and directed that work be maintained to advance those issues towards resolution, with regular stock-taking of progress by the Ministers and their senior officials.

They welcomed the intensified negotiations so far and further engagement on outstanding WTO disputes between the two countries to arrive at satisfactory outcomes in the coming months.

India appreciated the resumption of inspections by US Food and Drug Administration (FDA) and asked the US side to also resume inspections of new facilities and non-priority areas at the earliest.

The Ministers welcomed the finalization of the Turtle Excluder Device (TED) design. The collaboration between India and the United States to expedite the TED trials will ensure that the TEDs are effective in minimizing the impact of fishing on sea-turtle populations and restore the market access for India’s export of wild caught shrimp.

India highlighted its interest in restoration of its beneficiary status under the US Generalized System of Preferences program.  The United States noted that this could be considered, as warranted, in relation to the eligibility criteria determined by the US Congress.

They acknowledged the constructive engagement of the Services Working Group under the Trade Policy Forum and noted that the movement of professional and skilled workers, students, investors and business travelers between the countries contributes immensely to enhancing bilateral economic and technological partnership.

The Ministers acknowledged the ongoing discussions on a Social Security totalization agreement and supported intensifying the work to achieve early outcomes in the matter.

They encouraged their regulatory bodies to engage in discussions on exchanges of knowledge, capacity building, and recognition of qualifications to further enhance trade in professional services. The Ministers also noted that greater co-operation in the Fintech sector. They also discussed the potential of digital health, particularly telemedicine services as an element in continuity of care during the health emergencies.

They also launched a new working group on “Resilient Trade” to deepen bilateral dialogue on a range of issues that can enhance the resiliency and sustainability of the trade relationship including on trade facilitation, benefitting workers and promoting sustainable and inclusive growth, and common sustainability challenges including mobilization of sustainable finance, scaling up of innovative clean technologies, circular economy approaches and promotion of sustainable lifestyle choices.

Both the Ministers also looked forward to working together to strengthen resilience in global supply chains, especially in the critical sectors that underpin the two economies and to look forward to work on these issues in coordination and cooperation with our trusted partners through the new working group.