Semiconductors & supply chain disruptions dominates 12th India-US Trade Policy Forum
New Delhi, 24 Nov (KNN) During the12th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) held in New Delhi yesterday, both the countries reaffirmed their commitment to take economic relationship between the two countries to the next high level.
Commerce and Industry Minister of India Piyush Goyal and USTR Ambassador Katherine Tai also ensured that India – US TPF take a firm decision to integrate the economies across sectors and move towards securing and ambitious future for trade relations between the two strategic partners and democracies, said the official release.
They recognized the importance of engaging in collaborative discussion on the full range of existing and emerging issues affecting our trade relationship. In this regard TPF could be the major platform for collaboration and cooperation in trade matters, resolve bilateral trade concerns and explore important, emerging trade policy issues.
Emphasizing on participation and collaboration of the private sector in both countries in building stronger linkages in critical sectors (including cyberspace, semiconductors, AI, 5G, 6G and future generation telecommunications technology), the leaders are of the view of supporting resilient and secure global supply chains.
In terms of Bilateral trade matters, TPF Working Groups on agriculture, non-agriculture goods, services, investment, and intellectual property to be activated to meet frequently in order to address issues of mutual concern of both side on a mutually beneficial manner.
Both the parties expressed satisfaction over the robust rebound in bilateral merchandise trade this year 2021 (January – September 2021), which showed almost 50 percent growth over the same period in the previous year; bilateral merchandise trade in the current year poised to surpass USD 100 billion mark.
They recognised the importance of establishing a conducive business environment underscored and In this regard, economic reforms rolled out by India including liberalization of FDI in the insurance sector, elimination of a retrospective provision in income tax, and launching of the “Single Window System” for facilitating investment highlighted.
Further they, emphasised on Collaboration and constructive engagement in various multilateral trade bodies including the WTO, the G20 etc for achieving a shared vision of a transparent, rules-based global trading system among market economies and democracies.
India highlighted the importance of cooperation in health sector, and expressed interest in partnering with the U.S. and allies in developing a secure pharmaceutical manufacturing base for augmenting global supply chains.
The two leaders laid emphasis on tangible benefits to farmers and businesses of both countries by resolving outstanding market access issues through continuous engagement.
Agreement on market access facilitation for mangoes and pomegranates, pomegranate arils from India, and cherries and alfalfa hay for animal feed from the United States took place.
They have agreed to work to resolve market access for grapes from India and pork/ pork products from USA.
Both sides decide to continue engagement on exploring enhanced market access for products including Distillers’ Dried Grains with Solubles from the US and market access for water buffalo meat and wild caught shrimp from India.
Ministers directed the TPF Working Groups to develop, by March 2022, plans of action for making substantive progress, including identification of set of specific trade outcomes that could be finalized for an inter-sessional TPF meeting to be held by mid-2022.