Piyush Goyal, US trade rep Katherine Tai discuss trade boost in key meet

Commerce and Industry Minister Piyush Goyal is in the US for a four-day visit. He reached San Francisco on November 13.

Commerce and Industry Minister Piyush Goyal met the US Trade Representative (USTR) Katherine Tai and discussed ways to further boost trade and investments between the two countries.

Goyal is in the US for a four-day visit. He reached San Francisco on November 13.

He also met Dukgeun Ahn, Minister of Trade, Korea, and Gan Kim Yong, Minister of Trade and Industry, Singapore.

These ministers are in the US for the Indo-Pacific Economic Framework (IPEF) meeting.

"Wonderful meeting my friend Ambassador Katherine Tai, the US Trade Representative. We discussed ways to further deepen our trade & investment ties along with convergence on key WTO issues for a favourable outcome at MC13," Goyal said on the social platform X.

The 164-member World Trade Organization (WTO) is holding its 13th ministerial conference (MC) at Abu Dhabi in February next year.

During the ministerial meetings in San Francisco, Goyal discussed potential collaboration under the Indo-Pacific Economic Framework (IPEF), ways and means of further enhancing bilateral trade and commerce linkages and matters related to the WTO.

During the interaction with his Singaporean and South Korean counterparts, he suggested expediting the conclusion of the review of free trade agreements, the commerce ministry said in a statement on Tuesday.

Goyal also attended an investors' round table, where different venture capitalists and entrepreneurs from sectors such as energy, manufacturing, logistics, and technology participated.

During the visit, Goyal will participate in the third in-person IPEF Ministerial meeting, and the engagements of the Asia-Pacific Economic Cooperation (APEC).

Exports to the US have come down to USD 38.28 billion during April-September 2023, from USD 41.49 billion a year ago. Imports have declined to USD 21.39 billion during the first six months of the current fiscal, compared to USD 25.79 billion in the same period of the previous financial year.