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Will lead efforts for trade pact in Indo-Pacific: USTR.
Mar 03, 2022

The United States has said it will lead efforts to craft a trade arrangement in the Indo-Pacific region that would include provisions on high-standard labour commitments, environmental sustainability, cooperation in the digital economy, and sustainable food systems.
 
In its trade policy agenda for 2022, the US Trade Representative said that the specific content of the trade arrangement will be developed through extensive consultation with trading partners, a broad base of stakeholders, and the Congress.
 
Referring to the Indo-Pacific Economic Framework, the USTR said: 'We will use this framework to address a range of important areas of economic cooperation, including: fair and resilient trade (including labour, digital and other elements); supply chain resilience; infrastructure, decarbonization, and clean energy; and, tax and anti-corruption'.
 
The US had last year indicated that it is not in favour of inking new trade agreements. 'USTR will lead efforts to craft a trade arrangement with parties that includes provisions on: high-standard labour commitments, environmental sustainability, cooperation in the digital economy, sustainable food systems and science-based agricultural regulation, transparency and good regulatory practices; competition policy and trade facilitation,' it said.
 
Last year at the India-US Trade Policy Forum, New Delhi agreed to allow imports of American pork and pork products.
 
'In 2022, USTR will continue to work with India to finalise market access for cherries and alfalfa hay,' it said.\
 
On the issue of Digital Services Tax (DST), the USTR said that it is prepared to examine all options if other countries move forward with new taxes.
 
India introduced a digital service tax called equalisation levy in 2016 on online advertisements whose scope was then widened to impose a 2% tax on non-resident e-commerce firms with a turnover of Rs 2 crore.
 
Last year, the US reached agreements with India, Turkey, Austria, France, Italy, Spain, and the UK suspending the application of DSTs during the interim period prior to full implementation of Pillar 1 of the OECD framework.
    
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