India, US set to revive Trade Policy Forum after four years

US Trade Representative says priority is to iron out market-access restrictions

India and the United States (US) are set to revive the Trade Policy Forum (TPF) on Tuesday after four years, in an attempt to bolster trade and investment flows between the two nations.

US Trade Representative Katherine Tai, who is on a two-day visit to India, said she hoped to make progress in areas such as movements of goods and services between the two countries, and ironing out market access restrictions and high tariffs, and these would be taken up on priority with India.

“I believe that a revived TPF can help our trade relationship keep pace with other important aspects of the US-India partnership … at USTR we hear very frequently from our stakeholders who are not shy on issues that will be familiar to those of you involved in moving goods and services between our two countries, market access restrictions, high tariffs, unpredictable regulatory requirements, restricted digital trade measures. These are issues where we intend to make progress and they will be on the top of my list while I’m here,” Tai said after meeting Commerce and Industry Minister Piyush Goyal.

“I’m also looking forward to discussing how further collaboration on what we are calling worker-centric policies can benefit our trade relationship. President Biden and I are convinced that US trade policy requires a fundamental shift to ensure that our policies and actions focus on the impact that trade and trade agreements have on real working people,” she said.

Established in 2005, the India-US TPF met last in October 2017. It was then replaced by negotiations between the two sides on a trade deal. With the Biden administration now insisting on resolving irritants first rather than going for a mini deal, the focus on the TPF has again emerged. 

“The trade relationship between our two countries is a top priority, both from President Biden and for me. That’s why it was important for me to come to India and relaunch the trade policy forum on my first trip to Asia,” she said.

Goyal said the Trade Policy Forum was only the beginning of a new chapter in trade relations between the two nations and he hoped to revitalise the platform and resolve outstanding issues.

“I hope our meetings will encourage business communities and investors on both sides to look at a greater degree of engagement,” Goyal said.