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  4. India, U.S. establish new trade group to bolster supply chains
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India, U.S. establish new trade group to bolster supply chains

NEW DELHI (Reuters) -India and the United States have established a new working group to build sustainable supply chains and boost bilateral trade, the governments said in a joint...
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India, U.S. establish new trade group to bolster supply chains © Reuters. FILE PHOTO: A worker sifts wheat before filling in sacks at the market yard of the Agriculture Product Marketing Committee (APMC) on the outskirts of Ahmedabad, India, May 16, 2022. REUTERS/Amit Dave

NEW DELHI (Reuters) -India and the United States have established a new working group to build sustainable supply chains and boost bilateral trade, the governments said in a joint statement on Thursday.

The working group will initially focus on trade facilitation, digitization of customs procedures, issues related to mobilization of sustainable finance and scaling up of innovative clean technologies, according to the statement issued after a Trade Policy Forum meeting in Washington D.C.

At a meeting co-chaired by India's trade minister, Piyush Goyal, and U.S. Trade Representative Katherine Tai, the countries agreed to continue close monitoring of visa issues and increase dialogue on food and agricultural trade issues in 2023.

The United States will also consider India's interest in the restoration of beneficiary status under the U.S. generalized system of preferences program, the statement added.

The Trade Policy Forum, revived in 2021 after a gap for four years, will reconvene on a ministerial level before end of 2023.

The two countries said they mean to continue to work together on resolving outstanding trade issues.

"Waiting for all-or-nothing comprehensive agreements will only slow our shared goal of achieving a $500 billion trade relationship," president of the US Chamber of Commerce's U.S.-India Business Council, Atul Keshap, said in a statement.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
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