New Delhi: India and the United States (US) have agreed on the significance of negotiating a Social Security Totalization Agreement in the interest of workers from both sides, and further engagement on pursuing an agreement.
The discussions in the meeting between Minister of Commerce and Industry Piyush Goyal and US Trade Representative, Ambassador Katherine Tai underlined the importance of the movement of professional and skilled workers, students, investors, and business travelers between both countries. They were participating in the 12th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) in New Delhi on November 23.
It was agreed that India and the United States may work with like-minded partners in developing secure supply chains in critical sectors of trade and technology. India highlighted the importance of cooperation in the health sector and expressed interest in partnering with the US and allies in developing a secure pharmaceutical manufacturing base for augmenting global supply chains.
Both sides expressed satisfaction over the robust rebound in bilateral merchandise trade year 2021 from January to September, which has shown almost 50 percent growth year-on-year basis. The bilateral merchandise trade in the current year is poised to surpass the $100 billion mark.
The ministers directed the TPF Working Groups to develop plans of action identification of the set of specific trade outcomes by March 2022, which could be finalized in an inter-sessional TPF meeting to be held by mid-2022.