India, US agree to work towards resolving key bilateral trade issues
Both sides have engaged in frequent conversations to boost bilateral trade
India and the United States have agreed to work constructively to resolve key outstanding bilateral trade issues and to take a comprehensive look at ways to expand the trade relationship, the Biden administration has said.
United States Trade Representative Katherine Tai discussed the important trade and investment relationship between the two countries during her maiden phone call with her Indian counterpart Commerce and Industry Minister Piyush Goyal.
“They committed to strengthening cooperation on shared objectives and to revitalise engagement through the US-India Trade Policy Forum. They also agreed to work constructively to resolve key outstanding bilateral trade issues and to take a comprehensive look at ways to expand the trade relationship,” the United States Trade Representative (USTR) said in a readout of the call on Thursday.
Tai stressed the critical importance of cooperation on a broad set of issues, including digital trade, intellectual property, agriculture, labor, and climate and environment.
Tai and Goyal agreed to hold the next ministerial-level meeting of the Trade Policy Forum during 2021, the USTR said.
India and the United States view one another as important strategic partners to advance common interests regionally and trade is considered to be a key aspect of strategic ties with potential for more growth. Both sides have engaged in frequent conversations to boost bilateral trade.
In February, Goyal had asserted the need to further the bilateral trade and economic engagement with greater degree of flexibility between both sides. He had invited the US to look at India as a manufacturing base.
Speaking at the annual U.S.-India Business Council's State of US-India Business Summit, he said that India had set a modest target of half a trillion-dollar, which can be achieved through continuous engagement between the two nations.
"India looks forward to working very closely with the new US administration to strengthen the ever-expanding ties in a variety of areas. We need to further India-US trade and economic engagement with greater degree of flexibility," he said.