New Delhi:Trade and Industry Minister Piyush Goyal said on Monday he hopes the Indo-American Trade Policy Forum (TPF) can be revitalized to engage and resolve outstanding issues between countries amicably. . On Tuesday, the two countries will relaunch the TPF, which has not met for four years. US Trade Representative Katherine Tai is here for a two-day visit.
The TPF is a leading forum for resolving trade and investment issues between India and the United States. It comprises five discussion groups: Agriculture, Investment, Innovation and creativity (intellectual property rights), Services and Tariff and non-tariff barriers.
“Our TPF had languished for four years. I’m glad we were able to make it younger.
“This TPF is just the start of a new chapter in our business relationship, but I hope that together we can revitalize it to initiate and resolve outstanding issues amicably and send a strong message to the world. whole that the United States and India are stronger partners than ever, ”he told the 2021 India-United States Trade Policy Forum here.
Goyal also said that while discussing ways to strengthen economic ties and trade between the two nations, the United States will keep in mind the vastly different levels of prosperity between different nations.
He added that India’s competitive advantage in terms of cost, skilled labor and huge domestic market, combined with US innovation and investment, can become a winning partnership of natural friends.
“We had good discussions earlier today and one of the questions we discussed was how to get the world out of the COVID-19 pandemic and how to make our economies more resilient to face future shocks that could arise as we go along. ,” he said.
India and the United States have recognized the need to diversify critical supply chains and are poised to play an increasingly important role in resilient supply chains, working with other like-minded nations, he noted.
“While bilateral merchandise trade amounted to $ 80 billion in 2020. It has now reached the same level in the first quarters of 2021,” the minister said.
He further said that the Indian economy had recovered strongly and that rising economic indicators indicate that “India is preparing for a decade of growth”.
Bilateral trade between countries amounted to USD 80.5 billion in 2020-21. India received $ 13.8 billion in foreign direct investment from the United States during the period 2020-2021.