New Delhi: India and the US on Friday discussed ways to boost bilateral trade amid volatile global geopolitical scenario and further deepen economic cooperation between the two countries during visiting United States Trade Representative (USTR) Katherine Tai’s meetings with external affairs minister Subrahmanyam Jaishankar and Union commerce minister Piyush Goyal in New Delhi on Friday.
“Delighted to meet USTR @AmbassadorTai today in Delhi. Appreciate the tremendous progress in our bilateral trade in recent years. Also value @USTradeRep’s perspective on challenges to the international economy,” Jaishankar said in a post on X.
Tai also attended the 14th ministerial-level meeting of the India-US Trade Policy Forum (TPF), which she co-chaired along with commerce minister Goyal.
“Hon’ble Commerce & Industry Minister, Shri @PiyushGoyal met US #Trade Representative, @AmbassadorTai today at Vanijya Bhawan. During the session, HCIM [Hon’ble Commerce and Industry Minister] and USTR discussed a range of measures to Strengthen #Economic Cooperation between #India & the USA,” commerce ministry said in a social media post.
In one post, Goyal said, “Amidst productive deliberations, both sides reiterated their commitment to enhance trade & investment ties for adding further momentum to the growing India-US partnership.”
HT on Friday reported that besides enhancing trade between the two countries to its true potential, India was interested in resolving five immediate issues – marine exports, business visas, social security, access to Indian pharmaceutical products, and exports of table grapes and mangoes at the fourteenth TPF. Tai is visiting New Delhi from January 12-14.
{{/usCountry}}HT on Friday reported that besides enhancing trade between the two countries to its true potential, India was interested in resolving five immediate issues – marine exports, business visas, social security, access to Indian pharmaceutical products, and exports of table grapes and mangoes at the fourteenth TPF. Tai is visiting New Delhi from January 12-14.
{{/usCountry}}Restoration of the Generalised System of Preferences (GSP) that the Trump administration (45th president of the United States from 2017 to 2021, Donald Trump) had withdrawn in 2019 and securing the Trade Agreements Act (TAA)-designated country status are other larger issues for New Delhi.
The GSP is a trade program that provides nonreciprocal, duty- free treatment for certain US imports.
India’s status as one of the TAA-designated countries would help Indian businesses sell their products to the US government, but such deals are often based on overall negotiations and reciprocity.
The US may press India to reduce tariff and non-tariff barriers to allow American agricultural products and raise the issue of trade deficit, HT reported on Wednesday. Officials, who asked not to be named, said trade between India and the US must be equitable but cannot be on an equal basis as one is a highly developed economy and the other is a developing country.
“Under Ambassador Tai and minister Goyal’s leadership, the Trade Policy Forum has helped remove trade barriers and facilitate cooperation on key issues,” the office of USTR said in a statement on January 5.
According to it, Tai will discuss a broad set of issues “to enhance the resiliency of the trade relationship, including agriculture, industrial products, services, and the protection of intellectual property, among other topics”.
Tai is also meeting civil society representatives, business leaders, and stakeholders on January 13 to discuss the Biden-Harris Administration’s engagement and commitment to fostering closer ties between the two countries.