Piyush Goyal, Commerce and Industry Minister, expressed hope on Monday that the India-US Trade Policy Forum (TPF) may be revitalised to engage and address lingering concerns between the two nations in a friendly way.
On Tuesday, the TPF, which hasn’t convened in four years, will be re-launched by both nations. Katherine Tai, the US Trade Representative, is in town for a two-day visit.
The TPF is a major venue for India and the United States to discuss trade and investment concerns. Agriculture, Investment, Innovation and Creativity (intellectual property rights), Services, and Tariff and Non-Tariff Barriers are the five emphasis groups.
For four years, our TPF remained dormant. I’m happy that we were able to revitalise it.
“This TPF is only the beginning of a new chapter in our trade relations,” he said at the India-US Trade Policy Forum 2021 here. “I do hope that together, we can revitalise it to engage and resolve outstanding issues in an amicable manner and send a strong message to the entire world that the US and India are stronger partners than ever before.”
Goyal further said that while discussing methods to increase economic links and trade between the two countries, the US would keep in mind the vast disparities in wealth between the two countries.
He went on to say that India’s cost advantage, trained personnel, and large domestic market, when joined with American innovation and investment, may result in a win-win cooperation between natural allies.
Earlier today, we had some nice conversations, and one of the topics we covered was how to get the globe out of the COVID-19 pandemic and how to make our economies more robust to future shocks that may arise, “he stated.
He stated that India and the United States have recognised the need for diversifying vital supply chains and are positioned to play an increasingly crucial role in developing resilient supply chains in collaboration with other like-minded countries.
“Bilateral goods trade was valued at USD 80 billion in 2020. In the first quarters of 2021, it has already reached the same level, “the minister stated.
He went on to say that the Indian economy has rebounded dramatically and that growing economic indicators indicate that “India is poised for a boom decade.’
In 2020–21, bilateral trade between the two nations was worth USD 80.5 billion. During the 2020–21 fiscal year, India received USD 13.8 billion in foreign direct investment from the United States.
Source: Business Standard