WORLD NEWS | TPF directly contributes to strengthening US-India bilateral ties: US Trade Representative Kathleen Tay

washington [US]Jan 12 (ANI): Speaking at the 13th meeting of the US-India Trade Policy Forum (TPF) in Washington on Wednesday, US Trade Representative Catherine Tay emphasized that the TPF works by providing a structure for constructive dialogue on trade policy issues.

Day and Commerce and Industry Minister Piyush Goyal convened the 13th meeting of the US-India Trade Policy Forum (TPF) in Washington.

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“This meeting gave the two ministers an opportunity to review the work carried out under the Forum Working Group since the relaunch of the TPF in November 2021, and to discuss the work plan for 2023 as the TPF,” said a statement from the Thai ambassador.

At the end of Thursday’s meeting, ministers issued a joint statement reflecting the outcome of their discussions.

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Tai pointed to the enormous potential for growth between our economies and the equally important potential to ensure that bilateral trade has a positive impact on the working people of both countries, adding.

She also underscored the commitment of President Biden and herself to ensure that bilateral trade dialogue directly contributes to helping the United States and India address shared challenges in the global economy.

Ambassador Dai also highlighted the establishment of the new TPF Working Group on Trade Resilience.

“Building on the consensus reached at the 12th TPF, this new working group will provide a structured framework for trade-focused bilateral discussions on issues of mutual concern, including trade facilitation, labour, the environment and sound Regulatory practices, all built to create a more resilient future for our economy,” she said.

Ambassador Dai welcomed India’s G20 presidency and said the United States looks forward to working together in the trade and investment working group.

At the same time, Goyal appreciated that bilateral trade in goods and services continued to grow rapidly and reach approximately US$160 billion in 2021, while recognizing that there was still huge untapped potential, and expressed the desire for further engagement to continue to increase bilateral trade and Diversify bilateral trade. .

Ministers welcomed the intensification of negotiations to date and further engagement in resolving the outstanding WTO dispute between the two countries to achieve a satisfactory outcome in the coming months.

The Indian side expressed appreciation for the US Food and Drug Administration’s resumption of inspections, and asked the US side to resume inspections of new facilities and non-key areas as soon as possible.

“Ministers welcomed the finalization of the design of the Turtle Exclusion Device (TED). India and the United States cooperating to expedite TED trials will ensure that TED is effective in reducing the impact of fishing on sea turtle populations and restoring market access for exports of Indian wild-caught shrimp,” Business stated in a press release.

Furthermore, India emphasized its interest in reinstating its beneficiary status under the US GSP scheme. The United States noted that this could be considered as needed, based on eligibility criteria established by Congress.

Ministers acknowledged ongoing discussions on a comprehensive agreement on social security and supported intensified work to achieve early results on this issue.

They encouraged regulators to engage in discussions on knowledge exchange, capacity building and recognition of qualifications to further strengthen trade in professional services. Ministers also noted increased cooperation in the fintech sector. They also discuss the potential of digital health, especially telehealth services, as an element of the continuum of care during health emergencies, read the press release.

Ministers established a new ‘Resilient Trade’ working group to deepen bilateral dialogue on a range of issues that could enhance the resilience and sustainability of trade relationships, including trade facilitation, benefiting workers, promoting sustainable and inclusive growth, and shared sustainability challenges, including mobilizing sustainable finance, scaling up innovative clean technologies, circular economy approaches and promoting sustainable lifestyle choices.

The two ministers also look forward to working together to strengthen the resilience of global supply chains, especially in key sectors underpinning the economies of both countries, and look forward to addressing these issues in coordination and cooperation with our trusted partners through the new working group, added the release. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)