Policy

India, USTR agree to resolve outstanding trade issues

Our Bureau New Delhi | Updated on March 26, 2021

Piyush Goyal   -  -

Agree to bolster Trade Policy Forum

Commerce & Industry Minister Piyush Goyal and United States Trade Representative Katherine Tai have agreed to try and resolve outstanding trade issues and re-vitalise engagement through the US-India Trade Policy Forum and hold a meeting in 2021.

“Ambassador Tai stressed the critical importance of cooperation on a broad set of issues, including digital trade, intellectual property, agriculture, labour, and climate and the environment,” a statement issued by the USTR office following a virtual meeting between Tai and Goyal on Thursday said.

The two agreed to constructively resolve key outstanding bilateral trade issues and to take a comprehensive look at ways to expand the trade relationship, the statement said.

Trump regime

Trade ties between India and the US went through a turbulent time over the last few years under the Trump regime with disagreements in a number of areas.

The US applied unilateral penal duties on steel and aluminium from India and withdrew the Generalised System of Preferences from Indian exporters when India imposed retaliatory duties on goods from the US. The mini-trade deal between the two countries also could not be finalised because of differences of ambitions in areas such as agriculture products and medical equipment.

The conversation included consolidating economic partnership between like-minded democracies upholding the principles of openness, transparency and fair trade, according to a press release issued by the Commerce & Industry Ministry.

“Both agreed to further India-US economic cooperation on the basis of shared objectives and resolve pending legacy issues through mutual dialogue and discussion.

“They also agreed to strengthen the India- US Trade Policy Forum and to convene the next Ministerial-level meeting of the forum in 2021,” the release said.

Published on March 26, 2021

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