Centre to Initiate Working Groups to Benefit India-US trade Ties
The Centre said on Tuesday that it would "activate" working groups to address mutual concerns of India-US bilateral trade.
The decision was taken at the 12th ministerial-level meeting of the 'India-United States Trade Policy Forum', chaired by Commerce and Industry Minister Piyush Goyal and USTR Ambassador Katherine Tai.
These working groups would be created for sectors such as agriculture, non-agriculture goods, services, investment, and intellectual property, said a Ministry of Commerce statement, adding that these groups will meet "frequently" and chalk out a plan of action by March 2022.
In the period between January and September, India-US bilateral merchandise trade grew 50 per cent compared to the same period previous year, and the same is poised to surpass the $100 billion-mark, the statement said.
The meeting emphasised on "achieving a shared vision of a transparent, rules-based global trading system among market economies and democracies," the statement added.
In addition, the meeting focused on participation and collaboration of the private sector in both countries in building stronger linkages in critical sectors such as "cyberspace, semiconductors, Artificial Intelligence, 5G, 6G and future generation telecommunications technology, and supporting resilient and secure global supply chains".
In the agriculture sector, there was an agreement on market access facilitation for mangoes, grapes, pomegranates, pomegranate arils from India, and cherries, alfalfa hay, pork and pork products from the US.