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Expect satisfactory outcome in bilateral settlement of WTO disputes with US: Goyal
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IANS | 13 Jan, 2023
Commerce Minister Piyush Goyal on Thursday expressed optimism for a
satisfactory outcome in bilateral settlement of WTO disputes with the
US.
Addressing the media after the conclusion of the
13th Ministerial Trade Policy Forum (TPF) dialogue in Washington, he
said that the forum has resulted in a smoother, friendly and trusted
business environment for businesses from both sides to expand their
trade and investment.
He said that both sides had a robust
discussion on finding bilateral solutions to outstanding WTO disputes
between them and hoped for a satisfactory outcome in the next few months
over these issues.
About the 13th Ministerial TPF dialogue,
Goyal said that issues related to resolving WTO disputes, restarting of
exports of wild caught shrimps, speeding up of business visas, resilient
supply chains, data flow, and addressing climate change were discussed.
The
TPF, which was relaunched in a new form in November 2021, has become a
very robust and outcome oriented platform to have free and frank
discussion on a plethora of issues of mutual interest, he added.
Explaining
the background on exports of wild caught shrimps from India to the US,
Goyal said exports were banned by the US due to concerns around turtles
in the areas where shrimps were being fished. He said that fruitful
discussions took place between both for restarting wild caught shrimps
exports. He said that a turtle excluder device which will minimise
impact of fishing on sea turtle population has been designed with
support from the US.
The minister said that exports will be restarted post the successful completion of trials of these devices.
Goyal
said India has requested the US to expedite the issuance of business
visas to facilitate faster movement of business persons across both
sides.
Another important focus issue was the discussion around
strengthening resilient global supply chains. Goyal said both the
countries are keen to have an effective and trusted supply chain between
them in several areas including telemedicine services.
He
further informed that discussions took place on environmental issues
around sustainable finance to promote innovative clean technology,
circular economy, and technology required to address climate change.
He
informed that both nations have shared interest to have greater flow of
data between two countries and are continuing engagement on data
protection and privacy.
The minister also announced that a new
TPF working group on resilient trade has been created. "This new working
group will enable both sides to deepen our dialogue on a range of
issues which will help us enhance our resilient supply chains and also
help us create sustainable bilateral trade relationships to meet
challenges of tomorrow."
Briefing about his meeting with his US
counterpart Gina Raimondo, Goyal said he had a positive dialogue and
that she will visit India in March along with a high-powered delegation
of CEOs. He said CEO forums on both sides are putting in lots of effort
to come up with a robust framework to help expand trade business and
manufacturing.
Goyal told media persons that several other
aspects related to India becoming self-sufficient in areas like
semiconductor, defence production, strengthening laws around quality
standards, were also discussed.
He also informed India will be hosting the next round of talks on IPEF in February in New Delhi.
About
his engagements with CEOs of US companies during the course of his
visit, the minister said they are looking at India as a trusted partner
to diversify their dependence on the geographies and to expand their own
manufacturing set-ups. US companies have ambitious plans and are
looking to invest large capital and bring technology to India, Goyal
added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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