Published: 20th Jan, 2023
Context
Recently, the 13th Ministerial-level meeting of India – United States Trade Policy Forum (TPF) held in Washington, DC, on January 11, 2023.
About
What is the India-US TPF?
- About:
- The India-US TPF aims to activate its working groups in the fields ofagriculture, non-agriculture goods, services, investment, and intellectual property to meet frequently and address issues of mutual concern in a mutually beneficial manner.
- The idea is to deliver tangible benefits to both countries by resolving outstanding market access issues.
- Highlights of the Meeting:
- While the two sides appreciated therise in bilateral trade in goods and services (which reached ~160 billion USD in 2021), they also recognised that for economies of their size, significant potential still remains unfulfilled.
- The US welcomed India’s participation in theIndo-Pacific Economic Framework for Prosperity (IPEF).
- Both the countries have like-minded views about the efficiency of IPEF for continued growth, peace, and prosperity in the Indo-Pacific region.
- The Ministers welcomed the finalization of the Turtle Excluder Device (TED)design with the technical support of the National Oceanic and Atmospheric Administration (NOAA).
- The TED will help in minimizing theimpact of fishing on sea-turtle populations.
- Anew TPF Working Group on Resilient Trade was launched to help the officials deepen bilateral dialogue on a range of issues. Till the next TPF Ministerial meeting, it will focus on:
- Trade facilitation
- Promotion oflabour rights and workforce development
- Circular economy; role of trade in environment protection
How are India’s Trade Ties with the US?
- India-US bilateral partnership today encompasses a whole host of issues including the response to Covid-19, economic recovery post-pandemic, theclimate crisis and sustainable development, critical and emerging technologies, supply chain resilience, education, the diaspora, and defence and security.
- The US is India’s largest trading partnerand most important export market. It is one of the few countries with which India has a trade surplus. In 2021-22, India had a trade surplus of USD 32.8 billion with the US.
- Although India and the US have quite contradictory responses towards the Russia-Ukrainecrisis, the two have underscored their commitment to continue to build on the momentum of recent years and not lose sight of the larger strategic picture.
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