The 14th Trade Policy Forum (TPF) meeting, a pivotal event for India-US economic ties, unfolded recently in New Delhi. Co-chaired by India’s Commerce and Industry Minister Piyush Goyal and United States Trade Representative Katherine Tai, this trade forum focused on propelling commerce and investment connections between these two nations to new heights.
Goyal’s social media post underscored the session’s productive nature, stressing both countries’ dedication to expanding trade and investment ties, a cornerstone for the flourishing India-US partnership.
Key topics India brought to the table included the proposal for a social security pact, aimed at providing relief for Indian professionals in America, particularly from the IT sector. This agreement, known as the totalisation agreement, would eliminate dual social security deductions, significantly benefiting Indian expatriates.
Piyush Goyal | Twitter
The forum also saw India advocating for broader market access for its commodities like mangoes and pharmaceuticals in the US market. Discussions touched upon streamlining visa processes and intensifying exports of diverse products including table grapes, pharmaceutical goods, and marine products such as wild-caught fish and shrimp.
A focal point of the dialogue was India’s request for the reinstatement of the Generalized System of Preferences (GSP) status and the relaxation of export control regulations for high-tech products and technologies.
Another critical issue addressed was the acceleration of USFDA inspections or audits of Indian pharmaceutical firms. Gaining USFDA approval is essential for Indian companies aiming to penetrate the US pharmaceutical market.
The Trade Policy Forum, serving as a crucial platform for resolving trade and investment issues, encompasses five focus groups: agriculture, investment, innovation and creativity (including intellectual property rights), services, along tariff and non-tariff barriers.
The United States, standing as India’s largest trading partner, plays a significant role in India’s export economy, particularly in the IT services sector. The bilateral trade volume between India and the US witnessed a remarkable surge, escalating to $129.4 billion in the 2022-23 period from $120 billion in 2021-22. Additionally, the US injected $6 billion as foreign direct investment into India during the 2022-23 fiscal year.
This TPF meeting’s resolutions are set to fortify India-US trade and investment relations, laying a robust foundation for enduring economic collaboration.
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