Trade Policy Forum Revived By India

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24 November 2021 Current Affairs:India and United States have decided to revive the Trade Policy Forum after four years.

Highlights:
♦ In addition to reinstating the Commerce Policy Forum after four years, India and the US have agreed to look into ways of addressing disputes on matters such as market access and digital trade.
♦ This deal was reached at the outset of U.S. Trade Representative Katherine Tai’s two-day visit.
♦ Negotiators from both nations laboured for more than a year to reach an agreement on a trade package, as India and the United States clashed over issues such as tariffs.
♦ The US Trade Representative addressed market access constraints, uncertain rules, high tariffs, and limited digital trade between the two nations during his two-day visit.

Trade Policy Forum:
♦ In July 2005, US President George W. Bush and Indian Prime Minister Manmohan Singh established the Trade Policy Forum.
♦ It is overseen by a delegate from each country. The purpose of this initiative was to increase bilateral trade and investment flows.
♦ After four years, India and the United States have decided to resurrect their Trade Policy Forum. 
♦ The resurrected event will aid in the expansion of bilateral trade, which has never reached its full potential.
♦ By maintaining frequent communication and addressing difficulties, will aid in the deepening of bilateral trade.
 

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