Thursday, Jan 27 2022 | Time 23:35 Hrs(IST)
Business Economy

USTR, Goyal agree to discuss expansion of trade ties in virtual meet

USTR, Goyal agree to discuss expansion of trade ties in virtual meet

New Delhi, Nov 4 (UNI) India and the US have agreed to take a comprehensive look at ways to expand the scope of bilateral trade and ensure future success of the US-India Trade Policy Forum which serves as the leading bilateral mechanism to discuss trade related matters.

United States Trade Representative (USTR) Katherine Tai on November 3 met virtually with Commerce Minister Piyush Goyal to boost trade partnership.

"Ambassador Tai and Minister Goyal looked forward to their upcoming meetings in New Delhi (November 22-23), and agreed to take a comprehensive look at ways to expand the bilateral trade relationship and ensure the future success of the U.S.-India Trade Policy Forum," said the Office of the United States Trade Representative in a statement.

They also shared perspectives on how to reach meaningful outcomes at the upcoming WTO Ministerial Conference (MC12), it added.

Tai, accompanied by Deputy USTR Sarah Bianchi will travel to New Delhi to meet with government officials and stakeholders to discuss the enduring US commitment to the Indo-Pacific region and to strengthen trade and economic relationships with key allies and partners.

An important part of the agenda in the upcoming meeting is likely to be market access issues to promote bilateral trade which India is keen to work on with the US given the American unwillingness to move forward on new trade agreements.

The other area of mutual interest could be the huge investment surplus in the US, which Goyal has pointed out can be used for infrastructure investment in India where a National Infrastructure Pipeline is in the works as well as measures to boost investment.

The US replaced Mauritius as second largest source of foreign direct investment into India during 2020-21 with inflows of USD 13.82 billion. US is one of the top 5 investment destinations for Indian FDI.

As per a Ministry of External Affairs (MEA) brief on the India-US bilateral relations, the US is India’s second largest trading partner and a major destination for India’s exports of goods and services. Bilateral trade in goods and services stood at US$ 146 billion in 2019.


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