This Just In: Arun Jaitley Backs Indian IPR Regime on American Soil

Harish S. Adwant

Finance Minister Mr. Arun Jaitley visited the United States this week which proved to be eventful as US administration officials articulated their apprehensions vis-à-vis the intellectual property rights (IPR) regime of India.

The underlying purpose behind this visit was to seek more US investment in India. The Finance Minister held meetings with the US Treasury Secretary, Jacob Lew and the US Commerce Secretary, Penny Pritzker, including meetings with CEOs and think tanks; where they deliberated upon contentious issues between the two countries.

“There are references on the U.S. side to their concerns with regard to intellectual property regulations in India”, Jaitley said at a news conference in Washington. US companies are repulsed from investing in Asia’s third largest economy due to problems such as lax Intellectual property framework and trade protectionism.

By way of its Annual Special 301 Report, the US Trade Representative (USTR) kept India, along with 12 other countries, on its Priority Watch List (PWL) for failure in the protection and judicial enforcement of IPR.The complete news report can be accessed here.

Conversely,USTR also said there had been signs of progress in addressing intellectual property concernsand the United States expected “substantive and measurable improvements.” The National IPR Policy is set to open the gates for foreign investors by strengthening the IPR laws in the country and creating a market-friendly environment for investors.

Jaitley also voiced India’s concerns regarding the Totalization Agreement which would allow Indians working in the United States to avoid double taxation on social security.

Discussions involved parties continued efforts in reaching a Bilateral Investment Treaty (BIT) where the FM promised more stable and transparent economic policies.

“In an otherwise troubled times of the global economy, India clearly is a bright spot,” said Jaitley, who heads to San Francisco on Sunday to meet with other potential investors.

According to the latest World Bank forecastIndia’s economy is expected to grow 7.5% this year. Jaitley, earlier in his trip, said that reforms could lead to even higher growth rates this year.

Finance Minister Mr. Arun Jaitley visited the United States this week which proved to be eventful as US administration officials articulated their apprehensions vis-à-vis the intellectual property rights (IPR) regime of India.

The underlying purpose behind this visit was to seek more US investment in India. The Finance Minister held meetings with the US Treasury Secretary, Jacob Lew and the US Commerce Secretary, Penny Pritzker, including meetings with CEOs and think tanks; where they deliberated upon contentious issues between the two countries.

“There are references on the U.S. side to their concerns with regard to intellectual property regulations in India”, Jaitley said at a news conference in Washington. US companies are repulsed from investing in Asia’s third largest economy due to problems such as lax Intellectual property framework and trade protectionism.

By way of its Annual Special 301 Report, the US Trade Representative (USTR) kept India, along with 12 other countries, on its Priority Watch List (PWL) for failure in the protection and judicial enforcement of IPR.The complete news report can be accessed here.

Conversely,USTR also said there had been signs of progress in addressing intellectual property concernsand the United States expected “substantive and measurable improvements.” The National IPR Policy is set to open the gates for foreign investors by strengthening the IPR laws in the country and creating a market-friendly environment for investors.

Jaitley also voiced India’s concerns regarding the Totalization Agreement which would allow Indians working in the United States to avoid double taxation on social security.

Discussions involved parties continued efforts in reaching a Bilateral Investment Treaty (BIT) where the FM promised more stable and transparent economic policies.

“In an otherwise troubled times of the global economy, India clearly is a bright spot,” said Jaitley, who heads to San Francisco on Sunday to meet with other potential investors.

According to the latest World Bank forecastIndia’s economy is expected to grow 7.5% this year. Jaitley, earlier in his trip, said that reforms could lead to even higher growth rates this year.

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