US Trade Representative Katherine Tai said Thursday her country and the Republic of India have agreed to terminate six outstanding disputes at the World Trade Organization (WTO).
“India also agreed to remove retaliatory tariffs, which it had imposed in response to the U.S. Section 232 national security measures on steel and aluminum, on certain US products, including chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents,” she said in a press release. “These tariff cuts will restore and expand market opportunities for US agricultural producers and manufacturers.
“The resolution also maintains the integrity of the US Section 232 measures” Tai pointed out. This announcement comes as President Biden welcomed Prime Minister Narendra Modi to the United States for a state visit.
“Prime Minister Modi’s visit has underscored the importance of the US-India bilateral relationship and our cooperation on a range of shared priorities,” she said.
“Today’s agreement represents the culmination of intensified bilateral engagement over the last two years, including through the US-India Trade Policy Forum, to deepen our economic and trade ties,” Tai went on.
“As a result of our work, US agricultural producers and manufacturers will now enjoy renewed access to a critical global market and we will strengthen our trade relationship with one of our closest partners.
“I look forward to continue to working with my counterpart, Minister Goyal, as we identify additional ways to bring our people and our economies together,” she added.
Meanwhile, a US-India joint statement released by the White House said that President Biden and Prime Minister Modi hailed the signing of a MoU on Semiconductor Supply Chain and Innovation Partnership as a significant step in the coordination of our countries’ semiconductor incentive programs.
“This will promote commercial opportunities, research, talent, and skill development,” the statement reads.
“The leaders welcomed an announcement by Micron Technology, Inc., to invest up to USD 825 million to build a new semiconductor assembly and test facility in India with support from the Indian government.
“The combined investment valued at USD 2.75 billion would create up to 5,000 new direct and 15,000 community jobs opportunities in next five years.
“The leaders also welcomed Lam Research’s proposal to train 60,000 Indian engineers through its Semiverse Solution virtual fabrication platform to accelerate India’s semiconductor education and workforce development goals, and an announcement by Applied Materials, Inc., to invest USD 400 million to establish a collaborative engineering center in India.
“President Biden and Prime Minister Modi set a course to reach new frontiers across all sectors of space cooperation,” according to the statement.
The leaders applauded our growing cooperation on earth and space science, and space technologies.
They welcomed the decision of NASA and ISRO to develop a strategic framework for human spaceflight cooperation by the end of 2023.
The leaders hailed the announcement by NASA to provide advanced training to Indian astronauts at the Johnson Space Center in Houston, Texas, with a goal of mounting a joint effort to the International Space Station in 2024.
President Biden reiterated U.S. support for India’s permanent membership on a reformed UN Security Council.
In this context, President Biden welcomed India’s candidature as a non-permanent member of the UNSC for the 2028-29 term, the statement added. (pickup previous)
Source: Kuwait News Agency