India, US agree to improve bilateral trade ties

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SME Times News Bureau | 26 Nov, 2014
In order to stimulate bilateral trade and investment further, the Indo-US Trade Policy Forum, which met after a gap of four years, on Tuesday agreed to promote economic growth and job creation in both India and the United States.

Minister of Commerce and Industry of India Nirmala Sitharaman and U.S. Trade Representative Ambassador Michael Froman met in New Delhi on Tuesday for the eighth ministerial-level meeting of the India-United States Trade Policy Forum (TPF).

"The two governments signaled their readiness to enhance bilateral trade and investment ties in a manner that promotes economic growth and job creation in both India and the United States," said a joint statement.

Minister Sitharaman and Ambassador Froman discussed and exchanged views on a range of trade and investment issues, in particular, (i) Agriculture, (ii) Services, (iii) Promoting Investment in Manufacturing, and (iv) Intellectual Property.

Both countries noted the importance attached to the Trade Policy Forum by Prime Minister Modi and President Obama to further stimulate bilateral trade and investment.

On agriculture both countries recognized the important role of agricultural and food trade in feeding their populations, providing consumer choice and supporting the livelihood of their farmers. India and the United States agreed to establish a new technical dialogue that will promote cooperation on plant health, animal health, and food safety issues in a manner that facilitates the movement of agricultural goods between the two countries.

They agreed to work towards facilitating agricultural trade between the two countries by engaging with each other closely with the intent of establishing science- and risk-based regulations and procedures that conform to international standards and guidelines set by CODEX Alimentarius, the World Organization for Animal Health (OIE) and the International Plant Protection Convention (IPPC), to the extent possible.

Sitharaman and Froman also acknowledged the benefits that could accrue to Indian and U.S. farmers and agri-businesses from these engagements.

In services and investment, both countries highlighted the important role of the services sector in India and the United States, and the significant potential for increasing bilateral services trade and investment.

To advance this goal, they decided to continue their engagement on visa issues, and the United States took note of India's interest in ensuring easier access for Indian professionals in the United States.

To promote investment in manufacturing, affirming their shared goal of using trade and investment as a vehicle for stimulating economic growth and job creation, Sitharaman and Froman agree to deepen bilateral engagement aimed at promoting bilateral investment across sectors.

Both countries stressed the importance of providing a transparent and predictable policy environment to help attract investments in manufacturing. They highlighted their efforts to increase supply chain connectivity and implement "single window" clearance systems that will benefit all manufacturing activities in both countries.

Sitharaman and Froman also agreed to exchange information on international standards and systems of acceptance of conformity assessment procedures with specific focus on understanding each governments' procedures for testing, packaging, and labeling requirements.

They also discussed the "Make in India" campaign launched by Prime Minister Modi to promote India as a manufacturing destination, highlighting the pro-investment domestic reforms envisioned to facilitate the ease of doing business and create a climate that will attract investment.

On Intellectual Property and related issues, Sitharaman and Froman also acknowledged the paramount goal of ensuring the poorest populations in India and the United States have access to quality healthcare, and committed to identifying ways in which trade and innovation policies can enhance access to quality health and affordable medicines.

Sitharaman and Froman have expressed satisfaction at the recent understanding between India and the United States on the issue of public stockholding for food security purposes and the Trade Facilitation Agreement as a follow-up to the discussions between Prime Minister Modi and President Obama.

They committed to working with other WTO Members to ensure that the WTO General Council takes this understanding forward towards a satisfactory outcome.