Hindustan Times ST (Mumbai) - Live
India, US agree to focus on trade, resolving WTO issues India, US to use TPF meet to focus on ‘big picture’ of trade ties
WASHINGTON: Committing themselves to expanding their already growing trade relationship, India and the United States (US) have decided to build on the environment of trust to create resilient supply chains, resolve their existing trade disputes at the World Trade Organisation (WTO) through bilateral mechanisms, work on expanding market access for each other’s products, and intensify their engagement through meetings of specific traderelated working groups on a quarterly basis.
At the 13th Trade Policy Forum (TPF) ministerial talks held in Washington DC on Wednesday, union minister for commerce and industry Piyush Goyal and US Trade Representative Katherine Tai hailed the fact that bilateral trade in goods and services had reached $160 billion in 2021, but also recognised that the full potential of the trade relationship remained “unfulfilled”, according to a joint statement released at the end of the talks. Goyal told reporters that the TPF, since its relaunch in November 2021, had evolved into a “robust and outcome-oriented discussion” and was helping create a “smoother, more friendly and trusted environment for businesses to expand their trade and investment between the two countries”.
Draft data law welcomed
Goyal said that the US has welcomed India’s draft Digital Personal Data Protection Bill that was released for public consultations at the end of November and appreciated American suggestions in the regard.
Goyal said, “I must place on record our deep appreciation for the many guidance notes or suggestions
WASHINGTON: United States (US) commerce secretary Gina Raimondo will visit New Delhi on March 9 and 10 to participate in India-US commercial dialogue and the CEO forum between the two sides, union minister for industry and commerce Piyush Goyal said in Washington DC on Wednesday.
India will also host the next round of official-level talks of the Indo-Pacific Economic Framework (IPEF) in February in Delhi. The minister said that India stood solidly with the US on the framework and appreciated its leadership.
we have received from the US from time to time on our digital laws and data protection and privacy laws so that we can align them with the needs of the world and help Indian businesses with their outreach with digital technologies.”
Pointing out that India is one of the largest suppliers on the information technology services side to the US, and that there is a “shared interest on both sides” to have a greater flow of data, Goyal said, “The new law placed for public consultations by the ministry of electronics and information technology (Meity) was very very much appreciated by the US side and they do see that our effort to align the needs of industry, while maintaining the highest standards of data protection and privacy, has been brought out beautifully in the new law.
The US side has expressed their
At a press conference, Goyal said, “We have finalised the dates for the next commercial dialogue and CEO forum in India around March 9 and 10. She will be accompanied by a very very highpowered delegation of global CEOs, CEOs of large multinational companies.”
prima facie satisfaction with the new law and will continue to engage with Meity.”
Trade outcomes
Wednesday’s talks opened up the prospect of the export of wild caught shrimps from India to the US.
The joint statement said that both sides had welcomed the finalisation of the turtle excluder device (TED) design, whose trials will help minimise the impact of fishing on sea-turtle populations. Goyal explained that wild caught shrimp exports had been banned by the US because of the concerns of the impact on turtles. “We hope that these trials in India will complete in the coming few months so that wild caught shrimps can be exported to the US.”
India and the US have also agreed to create a new working group on resilient trade.
WASHINGTON: Union minister for industry and commerce Piyush Goyal has said that India and the US have decided to use the Trade Policy Forum (TPF) ministerial meetings to focus on the big picture of the trade relationship, and not get bogged down by squaring off item-by-item market access related details.
The big focus in the relationship now includes deepening partnerships on semiconductor manufacturing and defence production, where Goyal said that India, unlike other countries, “did not steal technology”, in what appeared to be a reference to China. He added that given the political decision in the US not to sign any free trade pacts with any country, an India-US FTA was not a part of the discussions.
Responding to a question from HT on whether, even as the intent and nature of discussions were positive, the TPF outcomes had been incremental and therefore disappointing, Goyal said that the two countries now envisioned the forum in a different framework.
“There are market access issues which don’t come into the TPF in terms of the detailing. Both (US Trade Representative) Katherine Tai and I decided that we should leave those details to the officials to work on and continuously expand,” Goyal said.
He added that they had decided “to move on” from the “one is to one, we will open table grapes for you, you open mangoes for me...level of the discussion” that was in the mini-trade deal once envisaged between the two countries or in earlier discussions.
“Katherine Tai and I decided that this is not the age and day to look at I give you one item, you give me one item, and we square off issues. We both agreed we should look at the big picture, what’s good for both countries, and at the ministerial level, we set the context in which the officials then find the day-to day solutions..” Goyal said that on specific issues, progress has happened on many of these items and there was ongoing work between different agencies and departments.