TPF important step in forging robust bilateral trade ties and strengthen India-US economic relationship

India and the United States held the 13th Ministerial-level meeting of India - United States Trade Policy Forum (TPF) in Washington, DC, on January 11, 2023. Indian Minister of Commerce and Industry Shri Piyush Goyal and the U.S. Trade Representative Ambassador Katherine Tai co-chaired the meeting.

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 appreciated that bilateral trade in goods and services continued to rise rapidly and reached about $160 billion in 2021. While welcoming this increase, the Ministers recognized that for economies of their size, significant potential remains unfulfilled and expressed their mutual desire to further enhance engagement with the goal of continuing to increase and diversify bilateral trade.

The Ministers highlighted the work undertaken through the TPF working groups since the 12th TPF Ministerial. They reiterated the importance to India and the United States of specific trade issues enumerated in the 2021 TPF Joint Statement and directed that work be maintained to advance those issues towards resolution, with regular stock-taking of progress by the Ministers and their senior officials.

The United States welcomed India's participation in the Indo-Pacific Economic Framework for Prosperity (IPEF). Ambassador Tai and Minister Goyal fully support the IPEF initiative and believe that deepening economic engagement among partner countries is crucial for continued growth, peace, and prosperity in the Indo-Pacific region and that the IPEF will bring tangible benefits to the region.

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