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News:The US President is on a visit to India.During his visit,several agreements were signed between India and the United States.
Facts:
- India and the United States have decided to upgrade their bilateral relationship to a Comprehensive Global Strategic Partnership(CGSP).
- The CGSP will include issues such as defence, security cooperation and revitalisation of the Indo-Pacific with quadrilateral dialogue.
Key Highlights of the visit:
- Agreed upon a defence deal that was worth $3 billion.The deal would include the procurement of 24 MH-60 Romeo helicopters six AH-64E Apache helicopters by India.
- The US has proposed Free Trade Agreement(FTA) with India that will include the restoration of benefits of low or zero duty to certain Indian exports under the Generalised System of Preferences(GSP) and market access for each other’s agricultural products.
- Permanent presence of US International Development Finance Corporation(USIDFC) in India.
- To come up with a comprehensive agreement on intellectual property rights(IPR).
- To start discussions on a totalisation agreement that would exempt short term workers from contributing to social security in each others countries.
Additional information:
About US IDFC:
- U.S. International Development Finance Corporation(DFC) is an independent agency of the U.S Government established in 2018.
- It is headquartered in Washington,United States.
- It offers innovative financial solutions to support private investors through debt financing, political risk insurance, equity investment and supporting private equity investment funds.
About GSP:
- Generalized System of Preferences(GSP) is a preferential tariff system extended by developed countries to developing countries.
- It is a preferential arrangement in the sense that it allows concessional low/zero tariff imports from developing countries.
- In 2019,the US had terminated India’s designation as a beneficiary under GSP highlighting concerns over India not allowing equitable and reasonable access to its markets.
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