On the eve of the G20 Summit in New Delhi, in a significant trade breakthrough, the United States and India have put an end to their long-standing dispute at the World Trade Organization (WTO).
In a joint statement issued at the end of bilateral talks between Prime Minister Narendra Modi and the US President Joe Biden, the two leaders lauded the settlement of the seventh and last outstanding World Trade Organisation (WTO) dispute among the two countries.
This follows the unprecedented settlement of six outstanding bilateral trade disputes in the WTO in June 2023.
The US Trade Representative Katherine Tai made the announcement, revealing that both nations reached an agreement to resolve the issue of “India — Measures Concerning the Importation of Certain Agricultural Products (DS 430).” Alongside this resolution, India has also committed to reducing tariffs on specific US goods, such as frozen turkey, frozen duck, fresh blueberries, cranberries, and their frozen and dried counterparts.
These tariff reductions will not only benefit American agricultural producers but also provide Indian consumers with more access to US products.
Last month Ambassador Tai engaged in discussions with India’s Minister of Commerce and Industry, Piyush Goyal, following the G20 Trade and Investment Ministers’ Meeting. During their discussions expressed their shared desire to find a speedy solution to the WTO dispute.
Ambassador Tai emphasized the significance of this resolution, stating, “Resolving this last outstanding WTO dispute represents an important milestone in the US-India trade relationship, while reducing tariffs on certain US products enhances crucial market access for American agricultural producers.”
She also highlighted the strength of the bilateral partnership, citing Prime Minister Modi’s State Visit in June and President Biden’s visit to New Delhi as key moments. And expressed her commitment to working with Minister Goyal to create inclusive economic opportunities for both nations.
In June, another agreement was reached between the United States and India, resulting in the termination of six outstanding WTO disputes. India also agreed to reduce tariffs on various US products, including chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents.
Today’s agreement not only resolves the last remaining long-standing dispute but also marks the beginning of a new era of bilateral cooperation that promises to deepen the trade relationship between the United States and India.