India and the United States held their 14th Ministerial-level Trade Policy Forum (TPF) meeting in New Delhi on January 12, 2024, with Piyush Goyal, India’s Minister of Commerce and Industry, and Ambassador Katherine Tai, U.S. Trade Representative, co-chairing the event. The meeting aimed to strengthen bilateral trade and enhance the economic partnership between the two nations.
The discussions covered various aspects of the economic relationship, including Joint Initiatives, the establishment of a Joint Facilitative Mechanism (JFM) to address non-tariff barriers, and the adoption of High-Level Principles on the Digitalization of Trade Documents.
Discussions also touched upon a potential Social Security Totalization Agreement to support Indian IT professionals working temporarily in the U.S. Another significant point of discussion was India’s request to lift the ban on exports of wild-caught shrimps, a matter affecting Indian fishermen and trade with the U.S.
Under the Resilient Trade Working Group, the focus remained on India’s designation as a TAA Compliant country, contributing to supply chain integration for both nations. Discussions extended to the need for increased U.S. FDA inspections in India, challenges faced by business visitors due to visa processing times, and India’s interest in restoring its beneficiary status under the U.S. Generalized System of Preferences program.
The Ministers acknowledged the robust momentum in India-US bilateral trade, with the trade volume likely surpassing $200 billion in calendar year 2023. The positive trajectory in the relationship was emphasized, with both nations settling longstanding trade disputes at the WTO during significant visits in 2023.
As vibrant democracies, India and the USA continue to deepen ties through people-to-people contacts and collaborations under QUAD, I2U2, and IPEF. Ambassador Tai’s visit further strengthened the positive trajectory in the India-US relationship.