Received details from India on social security pact, more work required on subject: USTR
- The U.S. Trade Representative (USTR) said the U.S. had received information from India recently on the proposed social security agreement and there was much work to be done on the subject.
Key Highlights
- Social security totalisation agreement is one of the key asks from the Indian side in the meeting of the Trade Policy Forum (TPF)
- As it will significantly contribute towards enhancing services trade between countries and help Indian IT professionals who temporarily work in the U.S.
- India has submitted all the relevant data on its social security schemes which was sought by the U.S. to start negotiations on the agreement.
- Under the agreement, an expatriate in either country need not contribute to the social security scheme of the host country.
- It will benefit a number of Indians, particularly from the IT sector, who are working in America and paying social security but are unable to get any benefit out of it.
India-US TPF
- The India-US TPF aims to activate its working groups in the fields of agriculture, non-agriculture goods, services, investment, and intellectual property
- To meet frequently and address issues of mutual concern in a mutually beneficial manner.
- The idea is to deliver tangible benefits to both countries by resolving outstanding market access issues.
Prelims Takeaway
- India-US Trade Policy Forum (TPF)
- Social Security Pact