India and US revive a mechanism to align their trade policies

U.S.A.India and US revive a mechanism to align their...

Port of Los Angeles, in a file photograph. EFE / EPA / Etienne Laurent

New Delhi, Nov 23 (EFE) .- India and the United States on Tuesday gave fresh impetus to the Trade Policy Forum (TPF), a bilateral mechanism designed to address a long list of trade barriers, for four years. After being paralyzed by differences during Administration of former President Donald Trump.
The Twelfth Ministerial Meeting of the TPF, the first since 2017, was held in New Delhi and was led by India‘s Minister of Trade and Industry, Piyush Goyal, and the United States Trade Representative, Catherine Tai.
The TPF was organized on 24 September by US President Joe Biden and Indian Prime Minister Narendra Modi to advance the goal of “developing an ambitious and shared vision for the future of business relations”. , according to a joint statement.
The push by Washington and New Delhi to revive the mechanism, which was halted by Trump following a series of criticism and criticism of India‘s protectionist policies, is an attempt by the parties to fix a long list of obstacles that Bilateral holds back. Business.
At today‘s meeting, delegates “recognized the importance of participating in a collaborative discussion on the full range of current and emerging issues affecting our business relationship,” they said in the statement.
The alliance between the two countries has been hampered by trade policies over the past four years, despite their efforts to forge a powerful relationship to counter China‘s expansion.
The policy battle between the two countries intensified after Washington raised levies on Indian steel and aluminium in 2017, to which India responded by imposing new tariffs on several American products.
Washington then decided to end the Generalized System of Preferences (GSP) treatment, which exempted the Asian nation from paying tariff rates on certain products of interest.
The GSP allowed category-specific Indian exporters duty-free access to the US market.
The measure was finalized soon after former President Donald Trump submitted his intention to revoke India‘s GSP status, noting that the country is guaranteed “equitable and fair” access to its market in “many sectors”. unable to give.
India reciprocally responded by raising tariffs on about thirty American goods.
TPF seeks to bridge trade differences in four areas: agriculture, investment, intellectual property rights, and tariff and non-tariff services.
As per the TPF statement, the bilateral trade witnessed a growth of nearly 50 per cent over the corresponding period of the previous year; It is on the verge of crossing the $100 billion mark.

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