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Thursday, June 13, 2024

US, India agree to resolve last outstanding WTO dispute

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United States Trade Representative Katherine Tai on Friday announced that India and the United States have agreed to resolve their last outstanding dispute at World Trade Organization (WTO).

The announcement came as President Biden met with Prime Minister Narendra Modi for the G20 Leaders’ Summit in New Delhi.

“Today’s agreement resolves the remaining long-standing dispute and opens a new chapter of bilateral cooperation that will deepen the trade relationship between the United States and India,” said the Office of the United States Trade Representative (USTR) in a statement.

As part of the agreement, India also agreed to reduce tariffs on certain US products including frozen turkey and duck, fresh blueberries and cranberries, frozen blueberries and cranberries, dried blueberries and cranberries, and processed blueberries and cranberries. The tariff cuts will expand economic opportunities for the US in a critical market and help bring more US products to customers in India, the USTR said in a statement.

In June, both the countries agreed to terminate six outstanding disputes at WTO. India also agreed to reduce tariffs on certain US products including chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents, the statement said.

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