In the 14th meeting of the Trade Policy Forum (TPF), co-chaired by US Trade Representative Katherine Tai and India’s Commerce and Industry Minister Piyush Goyal, India expressed concerns about the challenges faced by domestic businesses in obtaining timely visas for the US. Minister Goyal highlighted the obstacles in visa processing faced by Indian business visitors and urged the US to expedite the process.
The TPF meeting acknowledged the crucial role played by the movement of professional and skilled workers, students, investors, and business visitors in enhancing bilateral economic and technological partnerships between the two countries. Minister Goyal emphasized the need to address the visa processing time periods, particularly for business visitors from India.
The discussions also touched upon the catalyzing role of professional services in bilateral trade, recognizing that issues related to the recognition of professional qualifications and experience can facilitate services trade. Both nations agreed to establish a mechanism aimed at reducing non-tariff barriers to promote bilateral trade.
The Indian delegation further urged the lifting of the ban on the export of wild-caught shrimps, citing its adverse effects on Indian fishermen and exports. To address non-tariff barriers, the ministers agreed to establish a Joint Facilitative Mechanism (JFM). This mechanism will explore mutual recognition of results from International Laboratories and establish bilateral mutual recognition arrangements, aiming to eliminate duplicative testing requirements and reduce compliance costs for trade in high-quality goods.
One of the key points of discussion was the fast-tracking of engagement for the social security totalization agreement, a significant ask from the Indian side. The agreement is expected to contribute significantly to enhancing services trade between the countries and support Indian IT professionals temporarily working in the US.
Future joint initiatives in areas such as critical minerals, customs and trade facilitation, supply chains, and trade in high-tech products were also agreed upon. Both countries aim to develop an ambitious and forward-looking roadmap for enhanced cooperation to achieve economically meaningful outcomes.
In addition, India emphasized the importance of increasing the number of inspections by the US Food and Drug Administration (USFDA) in India to reach pre-pandemic levels. The US is India’s top export market for pharmaceutical products, and disruptions in inspections during the pandemic had led to a backlog impacting product approvals and unit renewals.
The TPF meeting concluded with an optimistic outlook, emphasizing the resilience of the Indian economy and the potential for continued growth in the auto sector compared to global economies.