India-US Trade Policy Forum to Tackle Visas, Agri Trade, and GSP

The India-US Trade Policy Forum (TPF) is set to convene in January in New Delhi, bringing together US Trade Representative Katherine Tai and Commerce and Industry Minister Piyush Goyal for a two-day meeting. The forum serves as a platform to address trade and investment issues between the two countries and will focus on several critical areas during this upcoming session.

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Visa Concerns and Business Opportunities

One of the key issues to be discussed is the delay in the issuance of business visas to Indian citizens. India has consistently raised this concern, emphasizing the importance of smooth movement of professionals and skilled workers for enhancing bilateral economic and technological partnership. The meeting will explore ways to streamline visa processes and facilitate business travel between the two countries.

Restoration of GSP Benefits

Another significant agenda item is the restoration of India's beneficiary status under the US Generalized System of Preferences (GSP) program. The previous US administration revoked GSP benefits for India in 2019, impacting duty-free access to the US market for approximately 1,900 Indian products. India is keen on regaining this status to boost exports and strengthen trade ties.

Social Security Totalisation Agreement

The proposed social security totalisation agreement is also expected to be discussed during the TPF meeting. This agreement aims to eliminate double social security contributions for expatriates working in either country. It would provide relief to Indian IT professionals and other workers in the US who currently contribute to the US social security system without receiving any benefits.

Enhancing Trade and Investment

The TPF meeting will also focus on broader strategies to increase trade and investments between India and the US. Both countries recognize the potential for further growth in bilateral trade, which reached USD 129.4 billion in 2022-23. The discussions will explore ways to remove trade barriers, promote agricultural trade, and foster innovation and creativity in various sectors.

Strengthening Bilateral Ties

The India-US TPF serves as a vital mechanism for addressing trade and investment challenges and fostering closer economic ties between the two countries. The upcoming meeting in January provides an opportunity to make progress on key issues, enhance trade opportunities, and strengthen the overall economic partnership between India and the US.