Earlier today, US Trade Representative Michael Froman surveyed recent progress toward liberalizing trade achieved by India and the US in a speech to the Federation of Indian Chambers of Commerce and Industry.
Froman is in New Delhi to co-chair with India’s Trade Minister, Nirmala Sitharaman, the first US-India Trade Policy Forum in four years.
Earlier this month, the two countries resolved a disagreement over the World Trade Organization’s pending Trade Facilitation Agreement, essentially confirming that the TFA’s so-called “peace clause” could allow India the latitude it desires in supporting its farmers with subsidies in order to assure food security. This agreement opens the way for the multilateral TFA to be implemented.
In September, the two countries established a High Level Working Group on intellectual property rights.
And just last week, President Obama accepted an invitation from Prime Minister Modi to attend India’s Republic Day celebration in January as the guest of honor.
Froman’s speech, titled “Forward Together We Go Further,” advocates closer collaboration in the future.
This is all part of a reboot of what, in President Obama’s words, could be the “defining partnership of the 21st century.” It’s a partnership that has “struggled to find its footing” in recent years, says US Representative Ed Royce, Chairman of the House Foreign Affairs Committee. US-India trade relations in particular have been far below potential.
Here are some quick snapshots of US-India trade through 2013 based on our Indian trade data – the baseline, if you will, against which to measure growth spurred by warming relations. (To see samples of Indian trade data on 2014, available through October, just ask us):