World News | Goyal Holds Discussion with US Trade Representative
Get latest articles and stories on World at LatestLY. Commerce and Industry Minister Piyush Goyal on Thursday held a bilateral meeting with US Trade Representative Katherine Tai here and discussed ways to boost trade and investment ties.
Los Angeles, Sep 8 (PTI) Commerce and Industry Minister Piyush Goyal on Thursday held a bilateral meeting with US Trade Representative Katherine Tai here and discussed ways to boost trade and investment ties.
The minister is in the US to attend the India-US Strategic Partnership Forum conference and Indo-Pacific Economic Framework ministerial meeting.
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The meeting with the USTR was held on the sidelines of the ministerial meeting.
The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 at Tokyo.
It seeks to strengthen economic partnership among participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness and competitiveness in the region.
The 14 members of the IPEF are -- Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the US.
The US surpassed China to become India's top trading partner in 2021-22, reflecting strengthening economic ties between the two countries.
According to data from the commerce ministry, in 2021-22, bilateral trade between the US and India stood at USD 119.42 billion as against USD 80.51 billion in 2020-21.
Exports to the US increased to USD 76.11 billion in 2021-22 from USD 51.62 billion in the previous fiscal year, while imports rose to USD 43.31 billion as compared to about USD 29 billion in 2020-21.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)