The world's two largest democracies, the U.S. and India, met Tuesday in what was the first round of formal trade talks in four years.
No breakthroughs were reported at the Trade Policy Forum, according to Reuters, but the two countries did establish a schedule to follow up on the talks, which focused mainly on agriculture, services, manufacturing and intellectual property rights, according to a joint statement.
The statement said the countries hope to "enhance bilateral trade and investment ties in a manner that promotes economic growth and job creation."
Together, the U.S. and India will "increase engagement on services and investment issues." The U.S. "took note of India's interest in ensuring easier access for Indian professionals in the United States," the statement read.
"Cautiously optimistic" was how U.S. Trade Representative Michael Froman described his views following the talks with India's Commerce Minister Nirmala Sithamaran. Trade between the two countries has multiplied by five in the past 14 years to $100 billion, however areas such as drug patents and local content rules for manufacturers remain disputed.
The countries did, however, agree to "exchange information on international standards," focusing on "procedures for testing, packaging, and labeling requirements."
Indian Prime Minister Narendra Modi recently initiated a "Make In India" plan which parodies "Made In China" and hopes to bring about a similar Chinese-style manufacturing boom, reported Reuters. Froman praised the plan, along with initiatives to increase access to digital services and build smart cities.
Keeping an open market that ensures investors can operate in a "transparent, predictable and consistent" environment is also of utmost importance, Froman urged.
"Expectations are very high and it would be important to translate those expectations into concrete measures on the ground," he said during a news briefing after the talks.
In November, the countries resolved differences over the issue of public stockholding for food security purposes in the World Trade Organization's Trade Facilitation Agreement.
The two countries announced on Friday that U.S. President Barack Obama accepted an invitation from Modi to be the chief guest at India's Republic Day function on Jan. 26, 2015, according to the International Business Times.
