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economy | IST

US, India need to move from zero sum and unlock opportunities, says USTR's Katherine Tai

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Commerce Minister Piyush Goyal and US Trade Representative Katherine Tai on November 23 relaunched the Trade Policy Forum (TPF) and agreed to engage on issues which are affecting the trade between the two countries. According to Tai, US-India trade relationship has tremendous potential but has always underperformed.

Commerce Minister Piyush Goyal and US Trade Representative (USTR) Katherine Tai on November 23 relaunched the Trade Policy Forum (TPF) and agreed to engage on issues that are affecting trade between the two countries. Bilateral trade between India and the US is expected to cross $100 billion this year.
In an exclusive interview to CNBC-TV18, USTR Katherine Tai said the US and India have always ended up locking horns on trade issues. She said both the countries need to move from a zero sum to value-add relationship.
"Traditionally, when the US and India get into a room to talk trade, we always end up locking horns. So I would focus on how we can better manage the areas where we have tensions and where we can unlock the opportunities to capitalise on the interest that we share. Traditionally our engagement boils down to a dynamic that feels very much like a zero sum interaction. I think that we really have to adapt to thinking about where the value is that we can create and add to each other's economies and that is where I would focus."
According to Tai, US-India trade relationship has tremendous potential but has always underperformed.
"India-US has always been a relationship with immense potential and yet in our traditional engagement we have always managed to underperform that potential. What we really need to do is to adapt our engagement to each other to be able to explore all the opportunities for collaboration that we have missed before."
Nisha Biswal, President of USIBC, believes that US-India trade relationship is rising in importance but is far from meeting its potential.
"US-India trade relationship has been growing in importance for both countries. The US-India trade has increased significantly over the last decade but it is far under the potential that exists for both countries. So we would like to see a much more ambitious agenda between US and India in removing some of the barriers to trade and facilitating much higher levels of investment and two-way trade in goods and services."
Watch video for more.