TPF contributing directly to strength of US-India bilateral relations: USTR Katherine Tai

Washington [US], January 12 (ANI): US Trade Representative Katherine Tai on Wednesday at the 13th meeting of the US-India Trade Policy Forum (TPF) in Washington emphasized that the TPF is contributing directly to the strength of U.S.-India bilateral relations by providing a structure for constructive dialogue on trade policy matters.
Tai and Minister of Commerce and Industry Piyush Goyal convened the 13th meeting of the US-India Trade Policy Forum (TPF) in Washington.
"The meeting provided the two ministers with the opportunity to review the work that has taken place, since the re-launch of the TPF in November 2021, under the Forum's working groups, and to provide their guidance on priorities to pursue as part of the TPF's 2023 work program," read a statement by Ambassador Tai.
At the conclusion of Thursday's meeting, the ministers issued a Joint Statement reflecting the results of the discussion.
Tai noted the tremendous potential for growth between our economies, and the equally significant potential to ensure that bilateral trade brings a positive impact to working people in both countries, added the statement.
She also highlighted the commitment of both President Joe Biden and herself to ensure that bilateral trade dialogue contributes directly to helping the United States and India respond to shared challenges in the global economy.
Ambassador Tai also highlighted the creation of a new TPF Working Group on Resilient Trade.
"Building on common ground achieved at the 12th TPF, this new Working Group will provide a structured framework for trade-focused bilateral discussion of issues of mutual interest including trade facilitation, labor, environment, and good regulatory practices, all with a view towards building a more resilient future for our economies," she said.
Ambassador Tai welcomed India's G-20 Presidency and said the United States looks forward to working together in the Trade and Investment Working Group.
Meanwhile, Goyal appreciated that bilateral trade in goods and services continued to rise rapidly and reached about USD 160 billion in 2021 while recognizing that significant potential remains unfulfilled and expressed their mutual desire to further enhance engagement with the goal of continuing to increase and diversify bilateral trade.
The ministers welcomed the intensified negotiations so far and further engagement on outstanding WTO disputes between the two countries to arrive at satisfactory outcomes in the coming months.
India appreciated the resumption of inspections by the US Food and Drug Administration (FDA), asking the US side to also resume inspections of new facilities and non-priority areas at the earliest.
"The ministers welcomed the finalisation of the Turtle Excluder Device (TED) design. The collaboration between India and the United States to expedite the TED trials will ensure that the TEDs are effective in minimizing the impact of fishing on sea turtle populations and restore market access for India's export of wild-caught shrimp," read the Ministry of Commerce press release.
Moreover, India highlighted its interest in the restoration of its beneficiary status under the US Generalized System of Preferences programme. The US noted that this could be considered, as warranted, in relation to the eligibility criteria determined by the Congress.
The ministers acknowledged the ongoing discussions on a Social Security totalization agreement and supported intensifying the work to achieve early outcomes in the matter.
They encouraged their regulatory bodies to engage in discussions on exchanges of knowledge, capacity building, and recognition of qualifications to further enhance trade in professional services. The ministers also noted greater cooperation in the Fintech sector. They also discussed the potential of digital health, particularly telemedicine services as an element in continuity of care during health emergencies, read the press release.
The ministers launched a new working group on 'Resilient Trade' to deepen bilateral dialogue on a range of issues that can enhance the resiliency and sustainability of the trade relationship including trade facilitation, benefitting workers and promoting sustainable and inclusive growth, and common sustainability challenges including mobilization of sustainable finance, scaling up of innovative clean technologies, circular economy approaches and promotion of sustainable lifestyle choices.
Both ministers also looked forward to working together to strengthen resilience in global supply chains, especially in the critical sectors that underpin the two economies and to look forward to working on these issues in coordination and cooperation with our trusted partners through the new working group, added the release. (ANI)