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.