India and the United States (US) are preparing to hold the annual Trade Policy Forum (TPF) meeting next month to strengthen bilateral relations, resolve trade and investment issues, and explore avenues for further engagement. According to sources familiar with the matter, the TPF meeting, initially scheduled for this month, may now occur in January.
Leading the India-US TPF will be Commerce and Industry Minister Piyush Goyal and US Trade Representative (USTR) Katherine Tai. The last ministerial-level meeting of the TPF, the 13th edition, was held in Washington in January. After a four-year hiatus, the India-US TPF was reconvened in November 2021. The forum has immense significance, with the US being India’s leading trade and export partner. Bilateral merchandise trade figures for April-October stood at $69.36 billion.
This meeting came when India and the US witnessed a significant upswing in their relationship. The two countries have successfully settled seven World Trade Organization (WTO) disputes, indicating alignment on key policy areas. While all trade disputes have been amicably resolved, the TPF remains crucial considering the proliferation of protectionism and geopolitical uncertainties, which pose new challenges.
Ajay Sahai, the Director-General and CEO of the Federation of Indian Export Organisations (FIEO), stressed the need to engage with the US on various fronts, such as trade facilitation, labour, environment, and regulatory practices to achieve India’s goal of $2 trillion in goods and services exports by 2030.
