India-US ties: Visa, agri, GSP prone to determine in India-US commerce coverage discussion board meet in Jan
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“Either side will talk about methods to extend commerce and investments between the 2 international locations in the course of the two-day assembly from January 13, 2024. It will likely be the 14th ministerial-level assembly of the India-US TPF,” the official mentioned.
The final assembly was held in Washington in January 2023. India in that assembly highlighted the delay within the issuance of enterprise visas to individuals from India.
New Delhi can also be eager on restoration of its beneficiary standing below the US GSP programme.
The earlier Trump administration within the US revoked the Generalized System of Preferences (GSP) from India in 2019. The GSP permits eligible growing international locations to export duty-free items to the US.
About 1,900 Indian merchandise from sectors akin to chemical compounds and engineering have been getting duty-free entry to the US market below the GSP, launched in 1976. Each the international locations within the final TPF meet had famous that the motion of execs and expert staff and enterprise travellers between the international locations contributes to enhancing bilateral financial and technological partnership, the official added. The official mentioned that the proposed social safety totalisation settlement may determine within the assembly.
Below a totalisation settlement, an expatriate in both nation needn’t contribute to the social safety schemes of the host nation. It will profit plenty of Indians, notably from the IT sector who’re working in America and paying social safety however are unable to get any profit out of it.
Within the thirteenth TPF assembly, the 2 international locations launched a brand new working group on “resilient commerce” to deepen bilateral dialogue on a variety of points that may improve the resiliency and sustainability of the commerce relationship together with commerce facilitation.
TPF is a platform to resolve commerce and funding points between the 2 international locations. It has 5 focus teams — Agriculture, Funding, Innovation and Creativity (mental property rights), Providers and Tariff and Non-Tariff Boundaries.
The US is the most important buying and selling accomplice of India. America accounts for about 20 per cent of India’s complete exports in items and is a key marketplace for providers sectors like IT.
The bilateral commerce between the international locations has elevated to USD 129.4 billion in 2022-23 from USD 120 billion in 2021-22. India obtained USD 6 billion in international direct funding from the US in 2022-23.
