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India-US Trade Policy Forum

Focus: GS II: International Relations

Why in News?

Recently, the Union Minister of Commerce and Industry of India and the US Trade Representative Ambassador co-chaired the 13th Ministerial-level meeting of India – US Trade Policy Forum (TPF) in Washington D.C.

India-US Trade Policy Forum (TPF)

  • Objectives: To activate working groups in agriculture, non-agriculture goods, services, investment, and intellectual property to address issues of mutual concern in a mutually beneficial manner.
  • Purpose: To deliver tangible benefits to both countries by resolving outstanding market access issues.

Highlights of the Meeting

  • Recognition of the rise in bilateral trade in goods and services (which reached ~160 billion USD in 2021), but recognition that significant potential remains unfulfilled.
  • US welcomed India’s participation in the Indo-Pacific Economic Framework for Prosperity (IPEF).
  • Both countries have similar views about the efficiency of IPEF for continued growth, peace, and prosperity in the Indo-Pacific region.
  • Welcome the finalization of the Turtle Excluder Device (TED) design with the technical support of the National Oceanic and Atmospheric Administration (NOAA).
  • TED will help minimize the impact of fishing on sea-turtle populations.
New TPF Working Group on Resilient Trade
  • Launched to deepen bilateral dialogue on a range of issues.
  • Focus on trade facilitation, promotion of labour rights and workforce development and circular economy; role of trade in environment protection.
  • Will focus on these topics until the next TPF Ministerial meeting.

December 2023