India-US Trade Policy Forum Propose Joint Facilitative Mechanism (JFM) To Address Ntbs
Date
1/13/2024 2:02:55 PM
(MENAFN- KNN India) New Delhi, Jan 13 (KNN)
The 14th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) took place in New Delhi on January 12, 2024. Piyush Goyal, the Minister of Commerce and industry in India and Ambassador Katherine Tai, the U.S. Trade Representative, co-chaired the meeting.
The Ministers pledged to establish the groundwork for future Joint Initiatives in key areas such as critical minerals, customs and trade facilitation, supply chains, and high-tech products.
The United States and India will collaboratively devise an ambitious roadmap for enhanced cooperation, aiming for economically significant results.
The Ministers have decided to form a Joint Facilitative Mechanism (JFM) aimed at addressing non-tariff barriers. The mechanism will focus on mutually recognising outcomes from International Laboratories and establishing bilateral Mutual Recognition Arrangements (MRAs) whenever feasible.
This initiative is designed to eliminate redundant testing requirements and lower compliance costs for the trade of high-quality goods.
The Indian side also addressed the crucial matter of lifting the ban on the export of wild-caught shrimps, a significant concern impacting Indian fishermen and exports to the U.S. market-India's primary export market for shrimps.
The Ministers also delved into the matter of an import management system for specific hardware. Minister Goyal provided an overview of India's goals, emphasising national security concerns.
Ambassador Tai expressed a readiness to cooperate with India on the mutual aim of enhancing supply chain resilience in this sector.
(KNN Bureau)
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