India and the United States held the twelfth Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) in New Delhi on November 23, 2021. Indian Minister of Commerce and Industry, Piyush Goyal and US Trade Representative, Ambassador Katherine Tai co-chaired the TPF meeting. 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." As India and the United States look ahead to define that ambitious future, the Ministers recognized the importance of engaging in collaborative discussion on the full range of existing and emerging issues affecting our trade relationship.
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. They agreed that 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. They 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.
The Ministers expressed satisfaction over the robust rebound in bilateral merchandise trade this year 2021 (January - September 2021), which showed almost 50 percent growth over the same period in the previous year; bilateral merchandise trade in the current year is poised to surpass US$ 100 billion mark. 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.
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