The negotiations came up during a discussion between Sitharaman and US Treasury Secretary Steven Mnuchin at the IMF headquarters.
Union Finance Minister Nirmala Sitharaman on Sunday said negotiations between India and the United States on a trade deal are going on in "full speed" and expressed hope that it will conclude soon.
The negotiations came up during a discussion between Sitharaman and US Treasury Secretary Steven Mnuchin at the IMF headquarters. Mnuchin is scheduled to visit India next month.
"In fact, I broadly mentioned it to Secretary Mnuchin, but that is something on which the Commerce minister and Mr (Robert) Lighthizer (US Trade Representatives) are working. My inputs are that the negotiations are going in full speed and there's a great intensity with which both sides are engaging and hopefully the deal will be structured soon," Sitharaman said.
Replying to a question, she said a totalisation agreement with the US has always been on the cards.
"One of the reasons why that was never responded to was that India did not have a social welfare net or social insurance cover for Indians in India. And therefore, if they had to give it, they wouldn't be given in the sense where would it be used?" she said.
"Today, I think most private insurances or for many of the families which are below the certain level of income, Ayushman Bharat is a fantastic big coverage. There is also now a lot more private sector option for insurance coverage. So whether that has been factored in now in the negotiations on this particular thing, I’m not adequately informed," Sitharaman said.
She further added that India in the past had put several arguments but that was repeatedly delayed over the health cover issue.
"I remember that. I've heard it at least twice in my negotiations on the totalisation. It could be "humongous amounts", she added.
The Finance Minister is currently on an official tour to Washington DC to attend the Annual Meetings of the IMF and the World Bank and other associated meetings. She is accompanied by Atanu Chakraborty, Secretary, Department of Economic Affairs, and other officials from the Department.
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 "Union Finance Minister Nirmala Sitharaman")
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