India-US trade surpasses $200 bn in 2023

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India-US bilateral trade in goods and services surpassed $200 billion last year despite a challenging global trade environment, according to the joint statement on India-US Trade Policy Forum, whose 14th ministerial-level meeting was held in New Delhi recently.

As a significant potential remains unrealised, considering the size of both economies, both sides expressed their desire to further enhance engagement.

India-US bilateral trade in goods and services surpassed $200 billion last year despite a challenging global trade environment, according to the joint statement on India-US Trade Policy Forum, whose 14th ministerial-level meeting was held in New Delhi recently.
India reiterated its interest in restoration of its beneficiary status under the US GSP programme.

Indian minister of commerce and industry Piyush Goyal and US trade representative Katherine Tai co-chaired the meeting.

Both sides identified certain areas, including customs and trade facilitation, supply chains and trade in high tech products, in which an ambitious and forward looking road map will be jointly developed for enhanced cooperation.

Goyal reiterated India’s interest in restoration of its beneficiary status under the US Generalised System of Preferences programme. Tai noted that this could be considered, as warranted, in relation to the eligibility criteria determined by the US Congress.

He conveyed India’s interest in being recognized as a Trade Agreements Act-designated country by the United States.

The ministers also recognised the importance of eliminating forced labour in global supply chains to promote resilient and sustainable trade.

Fibre2Fashion News Desk (DS)




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