The United States and India have agreed to pursue talks aimed at enhancing trade in the areas of critical minerals, customs and trade facilitation, supply chains and trade in high tech products at the 14th ministerial-level meeting of the Trade Policy Forum.
US Trade Representative Katherine Tai and India’s Minister of External Affairs Subrahmanyam Jaishankar said they will develop an ambitious and forward looking roadmap for enhanced cooperation in order to achieve economically meaningful outcomes.
The officials committed to pursue these efforts with a view to establish the foundation to launch future joint initiatives.
They also expressed a shared desire to work constructively together to ensure a successful 13th World Trade Organization ministerial conference in Abu Dhabi next month.
Key highlights include:
Bilateral Trade Growth: The Ministers acknowledged the growth in India-US trade, exceeding $200 billion in 2023 despite global challenges, with potential for further expansion.
Progress since 13th TPF: Significant strides were made in resolving trade disputes, including settling seven longstanding WTO disputes. These advancements were partly attributed to high-level visits between the two nations in 2023.
Future Engagement Areas: The focus will be on critical minerals, customs, supply chains, and high-tech trade, aiming to establish a roadmap for cooperation and economically meaningful outcomes.
G20 Summit and Digitalization: Ambassador Tai commended India for its G20 Presidency and the adoption of principles on the digitalization of trade documents. Both sides agreed to support these principles in various forums.
Working Group Activities: The TPF Working Groups reported progress on various trade issues, emphasizing continued collaboration.
Non-Agricultural Goods: Agreements were reached on mutual recognition of conformity assessments and advancements in sustainable seafood trade. Discussions on technical standards alignment and medical products safety were also highlighted.
Intellectual Property (IP): Positive engagement in the TPF IP Working Group was noted, including India's efforts to modernize its patent system.
Agricultural Trade: The Ministers discussed market access for agricultural products and agreed to continue dialogues on food and agricultural trade issues.
Services Sector: Discussions on digital trade, social security totalization, and telemedicine services were acknowledged, with a focus on digital trade growth and innovation.
Resilient Trade: Commitment to best practices in customs and trade facilitation was reaffirmed, along with efforts to eliminate forced labor in global supply chains.
Future TPF Meetings: The TPF Working Groups were directed to meet quarterly, with plans for an inter-sessional TPF meeting in mid-2024 and another Ministerial-level meeting by the end of 2024.
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