US: government agency calls Indian authorities for lower tariff, IP alignment to the West

Wednesday 24 December 2014 10:15 CET | News

The US trade agency has suggested the Indian government to reduce tariffs and align intellectual property (IP) policies with standards prescribed in the US and Western Europe.

The government agency’s proposal, contained in the “Trade, Investment, and Industrial Policies in India: Effects on the US” report, also focuses on customs procedures, foreign direct investment (FDI) restrictions, local-content restrictions, treatment of intellectual property (IP), taxes and financial regulations, regulatory uncertainty, and other nontariff measures, reports. It was prepared at the request of the US House Committee on Ways and Means and the US Senate Committee on Finance.

Bilateral trade between India and the US is nearly USD 62 billion, with the balance of trade in Indias favour to the extent of nearly USD 17 billion. Lawmakers demanded action from the Indian government after the report was released.

Narendra Modi, Indian Prime Minister, has spoken of a pro-growth vision for India and stressed that the bilateral trade between India and the US reaches nearly USD 100 billion.

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Keywords: US, India, trade, cross border, ecommerce, investment, tariff, IP, alignment, West, report
Categories: Payments & Commerce
Countries: World
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