India welcomes elevation in US' trade authorisation list
New Delhi : The Ministry of External Affairs on Tuesday welcomed the United States administration's decision to elevate India's position in its Strategic Trade Authorisation-1 list of countries.
With this in place, Washington will ease export controls for high-technology product sales to New Delhi.
Notably, India is the only South Asian nation to be included on the list.
The development was announced by US Secretary of Commerce Wilbur Ross at the Indo-Pacific Business Forum on Monday.
"We welcome the announcement made by US Secretary of Commerce Wilbur Ross in the Indo-Pacific Business Forum on 30th July 2018 about the U.S. Government's decision to move India into Tier I of the Department of Commerce's Strategic Trade Authorization license exception," a statement from the MEA read.
The Ministry also said that this step by the US will further strengthen trade ties and technology collaboration in defense and high technology areas between the two countries.
"It is a logical culmination to India's designation as a Major Defense Partner of the U.S. and a reaffirmation of India's impeccable record as a responsible member of the concerned multilateral export control regimes.
This step will further facilitate India-U.S. trade and technology collaboration in defense and high technology areas. We look forward to the US side operationalizing the decision at an early date," the statement added.