Agreement on TFA a big deal: US trade rep
Updated: Nov 25, 2014 01:31:26pm
New Delhi, Nov 25 (KNN) Ahead of the minister level meeting of the Trade Policy Forum (TPF), the first in four years, US Trade Representative, Michael Froman has described the agreement reached by India and the US on the World Trade Organization’s Trade Facilitation Agreement (TFA) aimed at unlocking progress at the World Trade Organization (WTO) as a “big deal”.
“The TFA is a big deal which will be effective in reducing the cost of doing business for developed countries by 10 per cent and that for developing countries by 14 per cent, adding billions of dollars to the world economy,” Froman said, addressing senior industry leaders of FICCI and senior officials and representatives of the US Embassy, here yesterday.
Froman informed that India and the US were working side by side in Geneva to address the outstanding issues relating to the TFA and the agreement with India would help to move forward with full implementation of the TFA.
Significantly, the agreement would facilitate entry of small businesses in the global supply chain. Small business enterprises help to generate employment and command 40 per cent of Indian exports. India would be a big beneficiary of this agreement which creates a win-win scenario, he said.
The US Trade representative said that the agreement which also reflects shared understandings regarding the WTO’s work on food security is in sync with US commitment to address big needs of India’s food security.
On the breakthrough, India and the US can look forward to working with all WTO members to reach a consensus that enables full implementation of all elements of the landmark Bali Package, including the Trade Facilitation Agreement, he said.
Welcoming the restart of the TPF, the premier bilateral forum for discussion and resolution of trade and investment issues between the two countries, Froman pointed out that this was the first trade policy forum in four years, marking an important development in the historic turn in the India-US relations.
He said that the key to success of India’s manufacturing future encased in the “Make in India” initiative lies in India-US collaboration in innovation and entrepreneurship and India’s focus on intellectual property, piracy and counterfeiting.
Earlier, addressing the gathering, President FICCI, Sidharth Birla welcomed the restart of the Trade Policy Forum (TPF), a key dialogue between India and United Ambassador States on trade and investments.
“Our trade which has grown 5-fold since 2000, to about USD 100 billion annually, can expand five-fold. I am sure that we can address momentary frictions through dialogue. I believe that difficult communications are preferable to no communication, and finding solutions with mutual respect cements and strengthens partnerships,” he said.
Birla said that while India remains on the Priority Watch List 2014, the Trade Policy Forum provides the opportunity to discuss IP issues constructively. “The tenets of Indian IP policies, laws and regulations essentially reflect India’s development priorities. For example, our IP policy in public health has the overarching objective of providing accessibility and affordability of medicines, particularly in India. Our Government is fully conscious of the important role IP plays in India`s growth and competitiveness, as well as strengthening relations with trading partners. The Government can be counted on to formulate a comprehensive and integrated IP Policy,” Birla added. (KNN/ES)
“The TFA is a big deal which will be effective in reducing the cost of doing business for developed countries by 10 per cent and that for developing countries by 14 per cent, adding billions of dollars to the world economy,” Froman said, addressing senior industry leaders of FICCI and senior officials and representatives of the US Embassy, here yesterday.
Froman informed that India and the US were working side by side in Geneva to address the outstanding issues relating to the TFA and the agreement with India would help to move forward with full implementation of the TFA.
Significantly, the agreement would facilitate entry of small businesses in the global supply chain. Small business enterprises help to generate employment and command 40 per cent of Indian exports. India would be a big beneficiary of this agreement which creates a win-win scenario, he said.
The US Trade representative said that the agreement which also reflects shared understandings regarding the WTO’s work on food security is in sync with US commitment to address big needs of India’s food security.
On the breakthrough, India and the US can look forward to working with all WTO members to reach a consensus that enables full implementation of all elements of the landmark Bali Package, including the Trade Facilitation Agreement, he said.
Welcoming the restart of the TPF, the premier bilateral forum for discussion and resolution of trade and investment issues between the two countries, Froman pointed out that this was the first trade policy forum in four years, marking an important development in the historic turn in the India-US relations.
He said that the key to success of India’s manufacturing future encased in the “Make in India” initiative lies in India-US collaboration in innovation and entrepreneurship and India’s focus on intellectual property, piracy and counterfeiting.
Earlier, addressing the gathering, President FICCI, Sidharth Birla welcomed the restart of the Trade Policy Forum (TPF), a key dialogue between India and United Ambassador States on trade and investments.
“Our trade which has grown 5-fold since 2000, to about USD 100 billion annually, can expand five-fold. I am sure that we can address momentary frictions through dialogue. I believe that difficult communications are preferable to no communication, and finding solutions with mutual respect cements and strengthens partnerships,” he said.
Birla said that while India remains on the Priority Watch List 2014, the Trade Policy Forum provides the opportunity to discuss IP issues constructively. “The tenets of Indian IP policies, laws and regulations essentially reflect India’s development priorities. For example, our IP policy in public health has the overarching objective of providing accessibility and affordability of medicines, particularly in India. Our Government is fully conscious of the important role IP plays in India`s growth and competitiveness, as well as strengthening relations with trading partners. The Government can be counted on to formulate a comprehensive and integrated IP Policy,” Birla added. (KNN/ES)
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