The leaders of the two countries resolved to pursue US- India Totalisation Agreement and enhance engagement on intellectual property rights with a view to promote innovation and creativity.
"In order to substantially increase bilateral trade, they (leaders) pledged to explore new opportunities to break down barriers to the movement of goods and services, and support deeper integration into global supply chains, thereby creating jobs and generating prosperity in both economies," said the joint statement issued after a meeting between Indian Prime Minister Narendra Modi and US President Barack Obama.
Highlighting the strong and expanding economic relations between the US and India, the leaders committed to support sustainable, inclusive, and robust economic growth, and common efforts to stimulate consumer demand, job creation, skill development and innovation.
It was decided to continue discussion later this year on the US-India Totalisation Agreement.
The 'Totalisation Agreement' seeks to do away with double taxation of income with respect to social security taxes. Under this agreement, professionals of both the countries would be exempted from social security taxes when they go to work for a short period in the other country.
They also commended the increased engagement on trade and investment issues under the Trade Policy Forum (TPF) and encouraged substantive results for the next TPF later this year.
The leaders also welcomed the engagement of the US' private sector companies in India's Smart City programme.
The leaders resolved to facilitate greater movement of professionals, investors and business travellers, students, and exchange visitors between their countries to enhance people-to-people contact as well as their economic and technological partnership.