India US Trade Policy Forum Charts Path for $200 Billion Trade: Achievements and Future Endeavors

Context:

The 14th ministerial-level meeting of the India US Trade Policy Trade Policy Forum (TPF) was held in New Delhi. 

Bilateral Trade Surpasses $200 Billion Amid Global Uncertainties: Key Meeting Highlights

• Strengthening Bilateral Trade: Despite global trade uncertainties, trade momentum remains strong, exceeding $200 billion in 2023, a significant achievement of India US Trade Policy. 
• India US Trade Policy Forum (TPF): Established in 2005, TPF discusses market access and trade-related matters.

Key Achievements in India  US Trade Policy Forum 2023

• Prioritising Sectors: Focus on identifying priority sectors for joint initiatives, with a Joint Facilitative Mechanism to be established.
• Marine Trade: The finalised Turtle Excluder Device (TED) design paves the way for field demonstrations in February 2024.

• Public Health: Emphasis on enhanced cooperation to ensure safe and effective medical products, with India seeking more US FDA inspections.

• • The Ministers acknowledged the ongoing discussions on ensuring patient access to affordable medical devices, including through the Trade Margin Rationalization (TMR) approach.
• Supply Chain Resilience: Collaboration on India’s new IT hardware import requirements, with a commitment to minimizing trade disruption.

Trade Concerns and Opportunities in India US Relations

• The US welcomes India’s ethanol blending initiatives and offers potential supply support.
• India reiterated its interest in the restoration of its beneficiary status under the U.S. Generalized System of Preferences program.
• India expresses concern about a backlog of US FDA inspections, seeking faster clearances.
• India has also  flagged its concerns about challenges  being faced by domestic businesses in getting timely visas for the US and has urged America to fast-track the process,
• The US urges India to ensure its IT hardware import policy maintains trade openness.

Fostering Collaboration: Key Discussions in India US Trade Policy Forum

• Intellectual Property: Ongoing engagement on IP matters, including India’s patent system modernization.
• Agriculture: Finalisation of market access for certain agricultural products sought.
• Services: Constructive talks on digital trade, data protection, and services liberalization.
• Movement of Professionals: Discussions on recognition of professional qualifications and visa processing times.
• Resilient Trade: Commitment to transparent regulatory practices, eliminating forced labor, and resolving WTO disputes.

Future Prospects: Ongoing Dialogues and Anticipated TPF Meetings in India-US Trade Relations

• Regular engagements at various levels, including quarterly Working Group meetings and an inter-sessional TPF meeting, are planned.
• The next ministerial-level TPF meeting is slated for later in 2024.

News Source: PIB

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