US Trade Representative Katherine Tai’s recent dialogue with India spotlights a pivotal moment in global commerce. During her three-day India sojourn, Tai met with Commerce Minister Piyush Goyal in New Delhi, delving into diverse trade facets. Key among these was an appeal for India’s new hardware tech import policies, particularly concerning laptops and tablets, to foster rather than impede future trade.
Sources from Bloomberg and Reuters unveil that their discussions spanned various topics, from easing visa processes for Indian workers to ensuring duty-free access to goods. Tai’s focus remained on the operational efficiency of India’s online system and related policies in promoting open trade.
Last October marked a strategic shift by India in tech hardware import regulations. In a decision benefiting tech giants like Apple and Samsung Electronics, India announced a more lenient approach, discarding mandatory licenses for tech hardware imports. This system now requires registration under the import management system, with authorizations tied to shipment values, valid till September 2024.
The dialogues also cast light on India’s persistent effort to regain duty-free access for certain goods under the generalized system of preferences, a reversal of the Trump-era decision impacting thousands of Indian export products. Another focal point was the need for increased US Food and Drug Administration inspections to address backlog issues.
The discourse extended to simplifying visa processes and initiating talks on an accord to eliminate dual social security taxation for Indian workers in the US.
The burgeoning US-India trade relationship is underscored by recent statistics: in 2022, the US eclipsed China as India’s top trading partner. With bilateral trade climbing to a historic high of $137.24 billion, up from $114.69 billion the previous year, the trajectory of US-India trade relations remains a crucial aspect of global economic dynamics.
BUSINESS GENERAL | India-US Trade Forum: New Era of Economic Partnership Unveiled
