You are here: Home » International » News » Economy
Business Standard

India, US to look for ways to resolve market access, trade issues

India and the United States agreed to look for ways to resolve differences on issues such as market access and digital trade at the start of a two-day visit by U.S. Trade Representative Katherine Tai

United States Trade | India | trade

Manoj Kumar | Reuters  |  New Delhi 

Piyush Goyal, US trade representative Katherine Tai
Piyush Goyal (right) with US trade representative Katherine Tai (left)

and the United States agreed to look for ways to resolve differences on issues such as market access and digital at the start of a two-day visit by U.S. Representative Katherine Tai, officials said.

Negotiators from both countries have struggled for more than a year to conclude a package as New Delhi and Washington spar over a range of issues, including tariffs.

Accompanied in New Delhi by her deputy Ambassador Sarah Bianchi, Tai raised market access restrictions, high tariffs, unpredictable regulations and restricted digital trade between the two countries.

"These are issues where we intent to make progress and they will be on the top of my list during the visit," Tai told Indian officials at a dinner hosted by Commerce Minister Piyush Goyal.

The meeting follows Prime Minister Narendra Modi's visit to Washington in September.

"We have been uniquely tasked by our leaders, PM Modi and President (Joe) Biden, to strengthen our economic ties and trade based on transparency and fairness," Goyal said at the dinner.

There was huge potential for growth in areas such as digital economy, health services and agriculture, Tai said.

Both countries have agreed to revive their Trade Policy Forum, after a gap of four years. The revived forum could help expand bilateral trade that has never seemed to live up to its potential, Tai said.

The officials agreed that the forum will help deepen the bilateral trade relationship by establishing regular contact to resolve obstacles, Tai's office said.

U.S.-Indian relations have grown steadily closer and both countries have joined with Japan and Australia in the so-called Quad group in an effort to push back against Chinese influence in the Indo-Pacific region.

is also working on ways to release national reserves of crude oil in tandem with the United States and other major economies in response to a request from Biden, Reuters reported earlier, citing government sources.

An announcement could come as early as Tuesday, according to a source familiar with the discussions. White House and U.S.

Energy Department officials said no official decision on a release had been made.

(Reporting by Manoj Kumar; Additional reporting by Andrea Shalal in Washington; Editing by Alex Richardson)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 23 2021. 08:22 IST