India, US to have comprehensive deal on intellectual property rights: Trump

New Delhi: Prime Minister Narendra Modi shakes hands with US President Donald Trump prior to their meeting at Hyderabad House, in New Delhi, Tuesday, Feb. 25, 2020. (PTI Photo/Kamal Singh)

US President Donald Trump said on Tuesday that India and the US will reach a comprehensive agreement on intellectual property rights (IPR).

Trump held official bilateral talks with Prime Minister Narendra Modi earlier in the day and spoke on a number of subjects, including partnerships in trade, defence and energy.

A comprehensive deal on the IPR front would be a major development as India has slipped to the 40th position on the US Chamber's International IP Index.

The country continues to figure in the US' Priority Watch List that identifies trade barriers to US companies due to IP laws of other countries.

India and the US recently signed an agreement on IPR and the Union Cabinet last week approved a memorandum of understanding with the US on the issue of IPR along with other subjects, including information and broadcasting.

The statement by Trump also came at a time when both the countries are already in negotiations for a trade deal. Both India and the US have said that talks are on for a major trade deal between the two countries.

Addressing the media here, the US President also said that he discussed an energy deal with Prime Minister Modi.

His statement assumes significance as India imports a significant portion of its energy needs from the US, which has only increased in the past few years. The US is the sixth largest oil supplier to India.

Trump also discussed business related issues with India's policy makers and industrialists.

Regarding the current trade relations with India, the US President said that India has the highest tariffs in the world and due to this, business cannot be conducted with it. He added that trade deficit has also been discussed.

On the upcoming Presidential elections in the US where he will be seeking a second term, Trump, a billionaire businessman with investments across the world, said that if he wins, stock markets in America will jump by "thousands and thousands" of points.

 



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