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India, US to deepen trade ties

India and the United States will explore opportunities to break down barriers to facilitate movement of goods and services. They will support deeper integration into global supply chains, thereby creating jobs and generating prosperity in both economies. The countries will make efforts to stimulate consumer demand, job creation, skill development and innovation. There will be a greater focus on bilateral trade.

Discussion on the US-India totalisation agreement will continue. The agreement seeks to do away with double taxation of income with respect to social security taxes. Under this agreement, professionals of both countries will be exempted from social security taxes when they go to work for a short period in the other country.

There will be greater movement of professionals, investors and business travelers, students, and exchange visitors between the countries to enhance people-to-people contact as well as economic and technological partnership.

The two countries have also committed to make concrete progress on IPR issues. There will be increased engagement on trade and investment issues under the Trade Policy Forum. American private sector companies will be involved in India’s Smart City program. Efforts will be made for the entry of India into the Global Entry program within three months.