India, US seeking bilateral settlement on WTO disputes: Piyush Goyal

India and US are looking to carve out bilateral solutions to the several longstanding World Trade Organization (WTO) disputes between the two countries, said Union Commerce Minister Piyush Goyal on Wednesday. 

These remarks came after the conclusion of the 13th India-US Trade Policy Forum (TPF) with his US counterpart United States Trade Representative Ambassador Katherine Tai in Washington, according to the news agency ANI. 

During a press conference in Washington, Goyal said, “There was a very robust discussion amongst the officials and today at the ministerial levels at finding solutions to the several WTO disputes that have been going on for several years between US-India. These outstanding issues are areas where both countries have had some wins and some losses.”

"We have directed our officials to engage very aggressively over the next two or three months to see if we can find a bilateral settlement of the WTO issues demonstrating the trust between the two countries and we hope for some satisfactory outcomes," he said. 

Piyush Goyal was on an official visit to New York and Washington DC from January 9-11 to participate in India-US Trade Policy Forum (TPF). His visit included delegation-level talks and a one-to-one meeting with USTR Ambassador Katherine Tai.

Since both countries relaunched the Trade Policy Forum in a new form with renewed vigor in November 2021, India-US have seen this becoming a very robust and outcome-oriented discussion on several issues of mutual interest, Goyal added as quoted by ANI. 

"This kind of friendly atmosphere in which India and the US can discuss issues of mutual interest and at times issues that cause concern on either side of countries --- discuss in an open atmosphere in a very transparent manner and that the beauty of Trade Policy Forum," he added.

Earlier, the Commerce Ministry stated that both India and USA are natural partners and have trade complementarities, long-standing strategic and economic relationships, people to people contact, and both are vibrant democracies too.

The two countries are also collaborating under the QUAD, I2U2 (India-Israel/ UAE-USA) and IPEF (Indo-Pacific Economic Framework).

Regular exchanges at the leadership-level have been an integral element of the expanding bilateral engagement. The outcomes emerging from these visits have been instrumental in further strengthening the multifaceted ties between the two countries.

The 12th TPF Ministerial meeting was held on November 23, 2021, after a gap of four years in New Delhi. Working groups were re-activated after the last ministerial. TPF is a platform for continuous engagement between two countries in the area of trade and to further the trade and investment relations between the two countries.

(With ANI inputs)