According to a recently released statement, India and the US are committed to connecting economies in all sectors.
The 12th Ministerial Meeting of the India-US Trade Policy Forum (TPE) was held in New Delhi. Meanwhile, the two countries resolved to take economic ties to a higher level, and exchanged views on possible targeted tariff cuts.
Important decisions taken:
- To activate the Working Groups of the Trade Policy Forum on Agriculture, Non-Farm Goods, Services, Investment and Intellectual Property to address issues of mutual interest in a mutually beneficial manner.
- India sought restoration of the benefits of the Generalized System of Preferences (GSP).
- GSP is the American Business Preference Program. It aims to promote economic development of thousands of products from designated beneficiary countries by allowing them tariff-free entry.
- The beneficiary developing country status that India received under the GSP was abolished in the year 2019.
- A Social Security Integrity Agreement is being discussed. This would allow workers from both countries to transfer their retirement savings, the system’s lack of which particularly affects Indian IT workers in the US.
- Efforts will be made to find mutually agreed solutions to the remaining WTO disputes between the two countries (for example India’s export subsidy programme).
- The two sides agreed to a post-COVID plan to work with partners to secure the drug manufacturing base.
Source – The Hindu