The 14th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) took place on January 12, 2024, in New Delhi, India. Chaired by India's Minister of Commerce and Industry, Shri Piyush Goyal, and U.S. Trade Representative, Ambassador Katherine Tai, the meeting focused on strengthening bilateral trade ties and enhancing economic relations.
The Ministers recognized the TPF's role in boosting India-U.S. trade, which likely surpassed $200 billion in 2023, despite global trade challenges. Acknowledging the untapped potential, they expressed a mutual desire to diversify and increase bilateral trade.
Significant progress was noted since the 13th TPF, particularly in settling seven long-standing trade disputes at the WTO. These resolutions followed high-level visits between the two countries, including India’s Prime Minister Narendra Modi to the U.S. and U.S. President Biden to India.
The forum agreed to pursue enhanced engagement in areas like critical minerals, customs, supply chains, and high-tech trade, with a roadmap for cooperation to achieve economically meaningful outcomes.
Ambassador Tai lauded India's G20 Presidency and the adoption of the G20 New Delhi Leaders’ Declaration. The Ministers agreed to promote digitalization in trade documents, emphasizing G20's role in global trade dialogue.
The TPF Working Groups, established since the 13th Ministerial, have been actively addressing trade issues. Areas of focus include non-agricultural goods, where India and the U.S. aim to mutually recognize results from accredited conformity assessment bodies to reduce compliance costs. Additionally, a Turtle Excluder Device (TED) design was finalized to minimize commercial shrimp trawl operations' impact on sea turtles, fostering sustainable seafood trade.
In public health, the U.S. FDA plans to increase pharmaceutical inspections in India. The Ministers also discussed addressing trade barriers in medical devices and diversifying the global pharmaceutical supply chain.
Ambassador Tai and Minister Goyal discussed digital trade, including India's new Digital Personal Data Protection Act, and encouraged collaboration in telemedicine services.
The Ministers underscored the importance of professional services and movement of skilled workers in enhancing bilateral relations. They acknowledged the significance of customs and trade facilitation, regulatory transparency, and eliminating forced labor in global supply chains.
The meeting concluded with directives for TPF Working Groups to identify specific trade outcomes and plans for an inter-sessional TPF meeting mid-2024, aiming for a Ministerial-level reconvening by year-end.
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