New Delhi, Nov 23, : .Reaffirming their commitment to improve economic relations between the two countries, India and the US decided Wednesday to activate the India-United States Trade Policy Forum’s (TPF) working group on agriculture, non-agriculture goods and services, intellectual property, and investment. This was done to address mutual concerns of both sides in a mutually advantageous manner at the 12th Ministerial level meeting of the India/US TPF here.It was also a step towards advancing the goal to “develop an ambitious and shared vision for the future trade relationship,” as announced at their September 24, 2021 meeting by Prime Minister Narendra Modi (President Joe Biden).
The two countries emphasized collaboration and constructive engagement in multilateral trade bodies such as the WTO and the G20 for achieving a common vision of a transparent, rules based global trading system among market economies and democratic democracies.On the other hand, the two nations also focused on tangible benefits to farmers and business of both countries by resolving market access issues through continuous involvement, according to a Ministry of Commerce and Industry release.
The farm sector issues include agreement on market access facilitation of mangoes and other pomegranates, pomegranate arils and cherries from India, as well as alfalfahay for animal feed from America.Both countries agreed to work together to solve market access issues for grapes from India as well as pork/pork products imported from the US.
Another important area was the participation and collaboration of both countries’ private sector in building stronger links in critical sectors (including cyberspace and semiconductors, AI, 5G/6G and future generation telecoms technology) and supporting resilient, secure global supply chains.
The release stated that the “significance of IP protection was also noted for enforcement for promotion, as well as bilateral trade, and investment in IP-intensive sectors.”
Piyush Goyal, Union Commerce and Industry Minister, and Katherine Tai, US Trade Representative (USTR), Ambassador to the United States underlined the importance for integrating the two economies across the sectors to unlock the untapped potential of their relationship.
Both Ministers agreed that it was important to engage in collaborative discussions on all aspects of our trade relationship, including those that are new or existing.
The release stated that TPF could be the main platform for collaboration and cooperation on trade matters, resolve bilateral concerns, and explore important, new trade policy issues.
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