India, US express satisfaction at strong rebound in merchandise trade in 2021

As the year 2021 showed almost 50 per cent growth in merchandise trade between the US and India, both countries expressed satisfaction over the strong rebound, during the twelfth Ministerial-level meeting of the India-United States Trade Policy Forum (TPF).

The meeting was held in New Delhi on Tuesday with Indian Minister of Commerce and Industry Piyush Goyal and US Trade Representative, Ambassador Katherine Tai co-chairing the TPF meeting, the two countries said in a joint statement.

"The Ministers expressed satisfaction over the robust rebound in bilateral merchandise trade this year 2021 (January-September 2021), which showed almost 50 per cent growth over the same period in the previous year; bilateral merchandise trade in the current year is poised to surpass USD 100 billion mark," the statement said.

"The Ministers also appreciated the importance of two-way services trade and foreign direct investment (FDI) as contributors to deeper economic and trade ties and noted buoyancy in bilateral FDI investments in recent months," the statement added.

The Ministers also underlined the significance of the forum in forging robust bilateral trade ties and called for regular engagement under the forum.

"The Ministers underlined the significance of the TPF in forging robust bilateral trade ties and enhancing the bilateral economic relationship to benefit working people in both countries," a joint statement informed.

Both sides also agreed upon reconvening the TPF and regular engagement under the forum would help in addressing outstanding bilateral trade concerns and allow the two countries to explore important, emerging trade policy issues, the statement informed.

During the meeting, both ministers agreed that the TPF Working Groups on agriculture, non-agriculture goods, services, investment, and intellectual property should be re-activated in order to address issues of mutual concern on an ongoing basis.

Both the ministers convened the TPF with a view to advancing the goal, announced by President Biden and Prime Minister Modi at their September 24, 2021 meeting, to "develop an ambitious, shared vision for the future of the trade relationship," the joint statement informed.

As India and the United States look ahead to define that ambitious future, the Ministers recognized the importance of engaging in a collaborative discussion on the full range of existing and emerging issues affecting our trade relationship.

( With inputs from ANI )