Mains Paper 2: IR | Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests
The following things are important from UPSC perspective:
Prelims Level: USIBC and USISPF
Mains Level: Trade between India and the US has significant effects on the economies of both countries. The upcoming talks will expedite the process of achieving ‘trade targets’ of India and the US.
Talks between India and the US
- India and the U.S. are slated to hold high-level talks this week to boost bilateral trade and investment
- On the agenda of the India-U.S. Trade Policy Forum (TPF), scheduled to be held in Washington DC on October 26
Issues to be discussed
- Important issues are to be discussed like ‘visa curbs’ of the U.S.
- And India’s ‘high tariffs’ on manufactured products and ‘restrictions’ on e-commerce
- Also, both the countries will try to expedite the conclusion of negotiations on a bilateral social security pact (or totalisation agreement)
Concerns of India and the US
- The TPF is also likely to take up the ‘challenges’ that American innovative industries face due to India’s ‘weak’ Intellectual Property Rights regime
- It would also discuss the ‘non-tariff barriers’ of the U.S. that are adversely impacting India’s agriculture, pharmaceuticals and other industrial exports
Why is USIBC and US-India Strategic Partnership Forum (USISPF) important?
- Industry bodies including USIBC and USISPF are working with the governments of both the countries on mechanisms to ensure greater engagement at the State-level, instead of focusing entirely on the Central/Federal-level discussions