13th Ministerial-level meeting of the India-United States Trade
Recently, the Union Minister of Commerce and Industry has participated in the 13th Ministerial Meeting of the India-US Trade Policy Forum (TPF) held in Washington DC.
Major topics of discussion in the 13th India-US TPF 2023-
- Bilateral trade in goods and services is growing rapidly and is expected to reach about $160 billion in 2021.
- The Ministers welcomed the finalization of the Turtle Excluder Device (TED) design.
- Collaboration between India and the US to accelerate TED trials will ensure that TEDs are effective in reducing the impact of fishing on sea turtle populations and will restore India’s market access for shrimp exports.
- India showed interest in the Generalized System of Preferences program of the US.
- The United States took note that at this point the U.S. May be considered based on eligibility criteria set by Congress. Apart from this, emphasis has been laid on finding solutions to several WTO-related disputes between the two countries.
- The two countries launched a new working group on “Resilient Trade” to intensify bilateral dialogue on a range of issues that would facilitate trade, benefit labor and promote sustainable and inclusive growth.
- At the same time, it can increase the resilience and durability of stable business relationships.
India-United States Trade Policy Forum (Trade Policy Forum: TPF)
- The TPF is a platform for continued engagement between the two countries in the field of trade and to further enhance bilateral trade and investment ties.
- The TPF is co-chaired by the Ministry of Commerce and Industry from the Indian side and the United States Trade Representative (USTR) from the US side.
Source – PIB