West News Wire: Looking to resolve differences on issues like market access and digital trade, India and United States have agreed to revive Trade Policy Forum after four years.
• This agreement was made at the start of a two-day visit by U.S. Trade Representative Katherine Tai.
• It took more than a year for negotiators from both countries as they struggled to sign a trade package between India and US due to spar over different issues like tariffs.
• During two-day visit, US Trade representative raised market access restrictions, unpredictable regulations, high tariffs, and restricted digital trade between both the countries.
Revival of Trade Policy Forum
After four years India and US have agreed to revive their Trade Policy Forum. The bilateral trade has never live up to its potential will now help in expanding with the help of this revived forum. By establishing regular contact of resolving obstacles, it will help in deepening bilateral trade.
India-US Trade Relations
India is the 9th largest trading partner of US, while United States is its second largest of trading partner. American items imported by India are fertilizers, aircraft, hardware, computer medical equipment and scrap metal. Major items of import from India include information technology services, machinery, textiles, gems & diamonds, iron & steel products, chemicals, tea, coffee, and other edible food products.. US is also India’s largest investment partner.
Trade Policy Forum
Trade Policy Forum programme was created in July 2005 by US President Bush and Indian Prime Minister Manmohan Singh. It is run by a representative from both the nations. This programme was created with the goal of increasing bilateral trade and investment flow.