US makes changes in export control laws to benefit India
Wednesday, February 8, 2017 IST
Recognising India's status as a 'Major Defence Partner', the US has made necessary changes in its export control laws that would benefit India by facilitating a smoother transfer of technologies and arms to it.
The new rule that makes necessary changes in the export control laws "creates a presumption of approval" for Indian companies seeking to import Commerce Department-controlled military items, except Weapons of Mass Destruction-related goods.
This means that only under the rarest circumstances will India be denied licenses, a source familiar with the changes said.
"I'm pleased to see India's status as a 'Major Defence Partner' - a designation that we have strongly supported - being translated into tangible regulatory reform," said Mukesh Aghi, president of US-India Business Council (USIBC).
The new rule also amends the law so that companies will not need a license at all after becoming a Validated End-User (VEU).
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