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India welcomes US decision to upgrade trade ties

In a statement, the MEA said that the Decision reaffirms India’s impeccable record as a responsible member of the concerned multilateral export control regimes.

Edited by: India TV News Desk, New Delhi [ Published on: July 31, 2018 17:54 IST ]

MEA, South Block

Welcoming US decision to upgrade its trade ties with India, the Ministry of External Affairs (MEA) on Tuesday said that it is a logical culmination to India's designation as a Major Defence Partner of the United States.

India is the only South Asian nation to be put on this list.

In a statement, the MEA said that the Decision reaffirms India’s impeccable record as a responsible member of the concerned multilateral export control regimes.

"We welcome the announcement made by US Secretary of Commerce Wilbur Ross in the Indo-Pacific Business Forum on July 30, 2018, about the US government's decision to move India into Tier-1 of the Department of Commerce's Strategic Trade Authorisation licence exception," the statement said. 

"It is a logical culmination to India's designation as a Major Defence Partner of the US and a reaffirmation of India's impeccable record as a responsible member of the concerned multilateral export control regimes," it added. 

The MEA statement further said that this step will further facilitate India-US trade and technology collaboration in defence and high technology areas.

"This step will further facilitate India-US trade and technology collaboration in defence and high technology areas. We look forward to the US side operationalising the decision at an early date."

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