In what could be good news for India-US trade ties, the United States has said it may consider restoring India As a beneficiary of the Generalized System of Preference (GSP) programme. The previous Donald Trump-led administration withdrew India’s GSP status in June 2019. The GSP program allows duty-free import of certain products from designated beneficiary countries.
At the twelfth ministerial meeting of the India-United States Trade Policy Forum (TPF) in New Delhi on Tuesday, India highlighted its interest in the restoration of its beneficiary status under the GSP programme. The US notes that with respect to the eligibility criteria set by the US Congress, it may be considered necessary.
This is being seen as a move by the Joe Biden-led administration to end Trump’s legacy when it comes to bilateral as well as trade ties with other countries. India-US trade relations soured after Donald Trump took over as President.
Read also | India-US trade talks: Health, GSP resumption, tariff reduction top the agenda
India was the biggest beneficiary of the GSP program in 2017, with over 5.5 billion goods made duty-free. The Trump administration, while revoking GSP status, accused India of not giving equal market access to some American products like medical devices. It had also pressured India to remove mandatory certification on dairy products.
Union Minister of Commerce and Industry Piyush Goyal and US Trade Representative Ambassador Catherine Tai co-chaired the TPF meeting. According to the Office of the United States Trade Representative (USTR), in a joint statement by the US-India Trade Policy Forum, the meeting was called with the aim of advancing the goal announced by US President Biden and the Prime Minister. Narendra Modi In their 24 September meeting, to “develop an ambitious, shared vision for the future of the business relationship”.
US appreciates India’s recent economic reforms
In the meeting, India and the US focused on the strong rebound in bilateral trade trade this year (January to September), which showed a growth of nearly 50 per cent over the same period last year. According to the USTR statement, Tai appreciated recent economic reforms by India, such as liberalisation. foreign direct investment (FDI) in the insurance sector, eliminating a retrospective provision in income tax, and introducing a “single window system” to facilitate investments.
Addressing Global Challenges Together
Goyal and Tai also talked about the importance of the India-US trade relationship in addressing global challenges, especially the importance of making it resilient and secure. supply chains in view of coronavirus global pandemic. The two countries have agreed to work together in multilateral trade bodies including the World Trade Organisation, the G20 and the Organization for Economic Cooperation and Development.
India noted its interest in partnering with the US and its allies in developing a secure drug manufacturing base to boost the global supply chain. The ministers also discussed a number of regulatory issues affecting business relations with respect to the health sector, focusing on India’s concerns about delays arising from the pandemic in US regulatory inspections of Indian pharmaceutical facilities.
quad reprise
The Ministers acknowledged the ongoing work within the Quad framework on issues of emerging technologies for economic development such as cyberspace, semiconductors, artificial intelligence, 5G, 6G and future generation telecommunications technology.
covid-19 vaccination allowance
India welcomed the recent US decision to allow fully vaccinated Indians to travel to the country. The US and India decided to continue their shared resolve to address visa issues and facilitate the movement of professionals, skilled workers, experts and scientific personnel.
Shared Climate Change Concerns
Countries share views on trade and environmental matters, with a focus on using renewable energy and other clean technologies to achieve net zero emissionsMobilizing climate finance and advancing innovative clean technologies as agreed in the India-US Climate and Clean Energy Agenda 2030 Partnership.
Other highlights of the bilateral business meeting
Talking about progress on bilateral trade concerns, both countries agreed to continue their joint work through the TPF Working Group on Agricultural Commodities in Agriculture and Food Products and Animal Health, Plant Health and Food Security in 2022. Committed to conducting technical dialogues on
The USTR statement said the countries welcomed the review of progress in copyright, patents, trademarks and engagement on intellectual property along with the sharing of national experiences with respect to traditional knowledge and genetic resources.
The US and India also exchanged views on possible targeted tariff cuts. The US acknowledged India’s work in striking a balance between access to medical equipment at affordable rates and the availability of state-of-the-art medical technology.
The US also noted its support for India’s ambitious target of reaching 20 percent ethanol blending with petrol by 2025 and expressed interest in supplying ethanol to India for fuel purposes. Both countries highlighted the important role of the services sector, including digital services, in India and the US. The Ministers said that there is great potential in the movement of professional and skilled workers, students, investors and business travelers between the two countries.
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