New Delhi: Commerce and Industry Minister Piyush Goyal met the US Trade Representative (USTR) Katherine Tai and discussed ways to further boost trade and investments between the two countries.
Goyal is in the US for a four-day visit. He reached San Francisco on November 13.
He also met Dukgeun Ahn, Minister of Trade, Korea, and Gan Kim Yong, Minister of Trade and Industry, Singapore.
These ministers are in the US for the Indo-Pacific Economic Framework (IPEF) meeting.
“Wonderful meeting my friend Ambassador Katherine Tai, the US Trade Representative. We discussed ways to further deepen our trade & investment ties along with convergence on key WTO issues for a favourable outcome at MC13,” Goyal said on the social platform X.
The 164-member World Trade Organization (WTO) is holding its 13th ministerial conference (MC) at Abu Dhabi in February next year.
During the ministerial meetings in San Francisco, Goyal discussed potential collaboration under the Indo-Pacific Economic Framework (IPEF), ways and means of further enhancing bilateral trade and commerce linkages and matters related to the WTO.
During the interaction with his Singaporean and South Korean counterparts, he suggested expediting the conclusion of the review of free trade agreements, the commerce ministry said in a statement on Tuesday.
Goyal also attended an investors’ round table, where different venture capitalists and entrepreneurs from sectors such as energy, manufacturing, logistics, and technology participated.
During the visit, Goyal will participate in the third in-person IPEF Ministerial meeting, and the engagements of the Asia-Pacific Economic Cooperation (APEC).
Exports to the US have come down to $38.28 billion during April-September 2023, from $41.49 billion a year ago. Imports have declined to $21.39 billion during the first six months of the current fiscal, compared to $25.79 billion in the same period of the previous financial year.
Moreover, the Commerce and Industry Minister also visited the manufacturing facility of US-based electric vehicle major Tesla at Fremont, California and said that the company would be doubling its auto components imports from India.
The minister is in the US on a four-day visit. The world’s largest electric car producer Tesla Inc’s chief Elon Musk met Prime Minister Narendra Modi in June in New York and after the meeting Musk had said that he planned to visit India in 2024.
“Visited @Tesla’s state of the art manufacturing facility at Fremont, California. Extremely delighted to see talented Indian engineers and finance professionals working at Senior positions and contributing to Tesla’s remarkable journey to transform mobility.
“Also proud to see the growing importance of auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India. Missed Mr @ElonMusk’s magnetic presence and I wish him a speedy recovery,” Goyal said on social networking platform X.
The platform is also owned by Musk.
The visit comes amid reports that India is looking at giving customs duty concessions to Tesla for setting up a plant in the country.