According to a recent report, India will have to wait to take forward its discussion with the US on the long-pending totalisation pact and restoration of GSP benefits for Indian exporters at least till the forthcoming US presidential elections are over.
- The United States has Social Security Agreements, called Totalization Agreements, with multiple countries.
- A totalisation agreement, also known as a social security pact, exempts short-term expat workers in either of the partner countries from contributing to the social security schemes of the host country.
- India has been long pursuing a totalisation pact with the US as it could help save Indian companies operating in the US, especially IT companies, an estimated $4 billion or more annually in social security contributions in the US.
