Katherine Tai, the U.S. Trade Representative, spoke about the growing relationship between the U.S. and India during the B20 Summit in New Delhi, India.
Sajjad Hussain | Afp | Getty Images
According to Katherine Tai, the U.S.-India relationship is reaching new heights as they align “across all policy areas.”
Tai mentioned that although Washington has recognized the potential of its trade relationship with New Delhi for a long time, tapping into it has been a challenge. She discussed this issue with CNBC’s Martin Soong on the sidelines of the B20 Summit in New Delhi, India, stating that previous U.S. Trade Representatives had faced frustration while working on this relationship, not due to a lack of desire or effort, but it is now reaching new heights.
While the U.S. and India are closer than ever before, there is still room for further strengthening of this relationship.
In June, the two nations agreed to resolve WTO disputes on certain U.S. products, such as walnuts and apples, during Indian Prime Minister Narendra Modi’s official visit to the U.S. President Joe Biden. Tai emphasized, “Many of these tariffs have been pending for years, and we’ve now agreed to bury the hatchet on those.”
Tai highlighted the constant effort to exceed expectations and not only resolve long-standing tensions but also to identify synergies between the economies of the U.S. and India. This would involve utilizing their respective strengths to build a better future together.
Free-trade agreement?
In a joint statement issued in June, Prime Minister Modi expressed India’s interest in being recognized as a Trade Agreements Act-designated country by the United States. This recognition would enhance economic integration and promote trade and investment between the two nations.
Tai mentioned that while a traditional free-trade agreement can be highly effective in liberalizing trade, it also comes with its own costs. Therefore, the U.S. and India are exploring ways to adapt their approaches and create a more strategic framework.
Tai stated that Washington is seeking a “different kind of win-win outcome” in its relationship with India, where they can complement each other’s strengths, enhance security and resilience, and foster industrialization and development. She believes that India has the potential to be a unique and adaptable partner in achieving these goals and looks forward to exploring further opportunities.
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