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India, US set to revive Trade Policy Forum after four years

After four years, India and the US will relaunch the Trade Policy Forum (TPF), a premier forum for resolving trade and investment issues between the two countries. Union Commerce and industry minister Piyush Goyal said on Monday that he hoped the TPF could be re-energized to engage and resolve outstanding issues between India and the United States in a constructive manner.

The PTI news agency quoted Goyal as saying, “Our TPF was languishing for four years.” “I’m overjoyed that we were able to revitalise it.”

Agriculture, investment, innovation and creativity (intellectual property rights), services, and tariff and non-tariff barriers are the five focus groups of the India-US Trade Policy Forum. According to Goyal, the two countries have recognised the importance of diversifying critical supply chains and are poised to play a larger role in developing resilient supply chains in collaboration with other like-minded nations.

“This TPF is only the beginning of a new chapter in our trade relations,” the Union minister said, “but I do hope that together, we can revitalise it to engage and resolve outstanding issues in an amicable manner and send a strong message to the entire world that the United States and India are stronger partners than ever before.”

Katherine Tai, the US trade representative, is in India for a two-day visit. When discussing trade policy with the Union’s commerce and industry minister, it was decided that the US would take into account the vast disparities in economic prosperity among nations.

India’s cost advantage, skilled labour, and large domestic market, when combined with American innovation and investment, can result in a winning partnership between “natural friends,” according to Goyal.

In 2020-21, bilateral trade between India and the United States was $80.5 billion. During the 2020-21 fiscal year, India received $13. 8 billion in foreign direct investment from the United States. “While bilateral trade in goods stood at USD 80 billion in 2020,” the Union minister pointed out. In the first quarters of 2021, it has now reached the same level.” He went on to say that the Indian economy has rebounded dramatically, and that rising economic indicators indicate that ‘India is poised for a growth decade.’

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