Re-launch of India-US Trade Policy Forum a beginning of new chapter: Goyal

Commerce and Industry Minister Piyush Goyal on Monday said expressed hope that the India-US Trade Policy Forum (TPF) can be revitalised to engage and resolve outstanding issues between the countries in an amicable manner.

On Tuesday, both the countries will re-launch the TPF, which have not met for the past four years. US Trade Representative Katherine Tai is here on a two-day visit.

The TPF is a premier forum to resolve trade and investment issues between India and the US. It has five focus groups: Agriculture, Investment, Innovation and Creativity (intellectual property rights), Services, and Tariff and Non-Tariff Barriers.

"Our TPF was languishing for four years. I'm delighted that we have been able to rejuvenate it.

"This TPF is only the beginning of a new chapter in our trade relations but I do hope that together, we can revitalise it to engage and resolve outstanding issues in an amicable manner and send a strong message to the entire world that the US and India are stronger partners than ever before," he said at the India-US Trade Policy Forum 2021 here.

Goyal also said that while discussing ways to strengthen economic ties and trade between the two nations, the US will bear in mind the hugely differing levels of prosperity among different nations.

He added that India's competitive advantage in terms of cost, skilled manpower and huge domestic market, combined with American innovation and investment, can become a winning partnership between natural friends.

"We have had some good discussions earlier today and one of the issues we discussed was how do we bring the world out of the COVID-19 pandemic and how do we make our economies more resilient to face future shocks that may come as we go along," he said.

India and the US have realised the necessity of diversifying critical supply chains and are poised to play an increasingly important role when it comes to resilient supply chains, working with other like-minded nations, he noted.

"While the bilateral trade in goods stood at USD 80 billion in 2020. It has now reached the same level in the first quarters of 2021," the minister said.

He further said the Indian economy has recovered sharply and rising economic indicators point towards 'India is shaping up for a growth decade'.

The bilateral trade between the countries stood at USD 80.5 billion in 2020-21. India has received USD 13. 8 billion foreign direct investment from the US during 2020-21.