Piyush Goyal to attend India-US Trade Policy Forum on January 11

Commerce and industry minister Piyush Goyal will be on a three-day visit to the US, where he will meet the heads of top multinational companies.

The minister will also attend the 13th Trade Policy Forum (TPF) that aims to expand economic ties between the two nations.

“He (Goyal) will attend the 13th Trade Policy Forum in Washington DC on January 11. Before delegation-level talks, he will also hold a one-to-one meeting with USTR (US Trade Representative) Ambassador Katherine Tai,” an official statement said on Sunday.

The TPF aims to iron out key trade and investment-related issues between India and its largest trade partner — the US.

Bilateral merchandise trade during April-October stood at $77.25 billion. The US is also the biggest destination for India’s exports.

Established in 2005, India-US TPF held its 12th ministerial-level meeting in New Delhi in November, 2021. It was after a four-year gap. 

Under the TPF, there are working groups on five broad areas including agriculture, non-agriculture goods, services, investment, and intellectual property.

In the last meeting, both the nations discussed their view on potential ‘targeted tariff reductions’. The TPF will be co-chaired by Goyal and Tai.

“Working groups were reactivated after the last ministerial. TPF is a platform for continuous engagement between the two countries in the area of trade. It is also to further the trade and investment relations between the two countries. Both the countries are looking forward to the meeting and confident of making progress on trade issues,” the statement said.

While the agenda of the TPF is unknown, Business Standard last week reported that in the sidelines of the meeting, India may propose out-of-court settlement to the US.

This is in regard to the case where the World Trade Organization’s (WTO’s) dispute panel in 2019 had agreed with the US that India provides export subsidies to its exporters.

In the first leg of his visit, the minister will travel to New York to interact with the heads of key multinationals.

Goyal will participate in community events, join roundtable meetings with business leaders and think tanks and visit industries.

In Washington DC, Goyal will also have a bilateral meeting with US Secretary of Commerce Gina Raimondo. There will also be interaction with some captains of industry.