India, US set to revive Trade Policy Forum after four years

India and the United States have agreed to look into ways of resolving differences on issues like market access and digital trade, besides reviving the Trade Policy Forum after four years. This agreement was made during U.S. Trade Representative Katherine Tai's two-day visit to India.

 

It should be noted that negotiators from both countries struggled for more than a year to sign a trade package as India and the US sparred over different issues like tariffs.

 

During a two-day visit, the US trade representative raised market access restrictions, unpredictable regulations, high tariffs, and restricted digital trade between both countries.

 

India and the US have agreed to revive their Trade Policy Forum, after four years. The revived forum will help in expanding bilateral trade that has never lived up to its potential. It will help in deepening bilateral trade by establishing regular contact of resolving obstacles.

 

 

 

Talking about the development, US Trade Representative Katherine Tai, said she hoped to make progress in areas such as movements of goods and services between the two countries and ironing out market access restrictions and high tariffs, and these would be taken up on priority with India.

 

"I’m also looking forward to discussing how further collaboration on what we are calling worker-centric policies can benefit our trade relationship. President Biden and I are convinced that US trade policy requires a fundamental shift to ensure that our policies and actions focus on the impact that trade and trade agreements have on real working people," she said.

 

The United States is the second-largest trading partner of India, while India is its 9th largest trading partner. Commerce Minister Piyush Goyal said the Trade Policy Forum was only the beginning of a new chapter in trade relations between the two nations and he hoped to revitalise the platform and resolve outstanding issues.

 

"I hope our meetings will encourage business communities and investors on both sides to look at a greater degree of engagement," Goyal said.

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