India-USA on resolving trade issues

India-USA on resolving trade issues

Team Ambitiousbaba and AB are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “India-USA on resolving trade issues”

At the start of a two-day visit of U.S. Trade Representative Katherine Tai, India and the United States agreed to look for new tactics and ways to resolve differences on issues like market access and digital trade.

Negotiation has been started from both countries which are struggling for more than a year to conclude a trade package as New Delhi and Washington spar over a various issues, including tariffs.

U.S. Trade Representative Katherine Tai raised market access restrictions, high tariffs, unpredictable regulations and restricted digital trade between the two countries accompanied in New Delhi by her deputy Ambassador Sarah Bianchi.

Katherine Tai told to Commerce Minister Piyush Goyal that those are issues where USA determined to make progress and they will be on the top of my list during the visit. The meeting is followed by Prime Minister Narendra Modi’s visit to Washington in September.

In response Piyush Goyal replied that, India and USA are uniquely tasked by our leaders, PM Modi and President (Joe) Biden, to strengthen our economic ties and trade based on transparency and fairness.

There was wide opportunity for growth in areas such as digital economy, health services and agriculture.

Both countries have agreed to recreate their Trade Policy Forum, after a gap of four years. The revived forum might be helping to expand bilateral trade.

The officials agreed that the forum will help heighten the bilateral trade relationship by establishing regular contact to resolve hurdles.

U.S.-Indian relations have grown constantly closer and both countries have joined with Japan and Australia with their Quad group in an attempt to keep off against Chinese influence in the Indo-Pacific region.

India is trying to release national reserves of petroleum in tandem with the United States and other major economies in response to an invitation from Biden.

Question & Answer:

Q1. Who is the US trade representative?

Ans. Katherine Tai

Q2. What is trade Policy Forum?

Ans. It is a premier forum of resolving trade and investment issues between the two countries.