The Biden administration told US Congress that the recent emphasis of India through the campaign had embodied the challenges facing the bilateral trade relationship. The US Trade Representative in its 2021 Trade Policy Agenda stated the resolve matter of India with the US.
Potential of Bilateral Trade Inhibited by Trade-Respective Policies
For many US Exporters, the large market, economic growth, and progress of India towards development is essential. But the potential of the bilateral trade relationship is inhibited by the consistent trend of the trade-respective policies. Even the “Make in India” campaign embodied the challenges facing the bilateral trade relationship. In response to specific concerns, the US also engaged with India affecting the full range of pressing bilateral trade issues, including intellectual property and enforcement and also the policy development affecting the digital trade.
Termination of India’s Eligibility under the GSP Program
Under the GSP Program of 2019, the US terminated India’s eligibility following a review of concerns related to the compliance of India with the GSP market. Also, this engagement of 2019 continued throughout 2020. Resolution of various non-tariff barriers and other market access improvements was the objective of the US in this negotiation. A major report stated that while the US remained the largest supplier of services, India was the sixth largest with $29.7 billion.
TPT Policy Advocacy & Recommendations
- The PM along with the Ministry needs to bring in some new methods so that the trade relationship with the US does not get destroyed by any means.
- The Government must look into the factor to meet the objectives and make India a manufacturing hub.