India and Argentina sign ‘Social Security Agreement’
7th Oct, 2023
Recently, The Embassy of India has signed the ‘Social Security Agreement’ with Argentina, aimed at ensuring rights of the growing number of Indian nationals employed in Argentina as well as for Argentine nationals seeking employment in India.
About the agreement:
- The ‘Social Security Agreement’ is aimed at ensuring rights of the growing number of Indian nationals employed in various Indian and international concerns in Argentina as well as for Argentine nationals seeking employment in India.
- Need: There is growing number of Argentine nationals who are seeking employment in India. This growing number of people-to-people exchanges has necessitated a legal framework to protect their rights, especially those related to social security contributions.
- Key Highlights:
- The Social Security Agreement (SSA) between India and Argentina has created a legal framework which will enable professionals on both sides to claim old age and survivor’s pensions.
- That apart it also safeguards “permanent and total disability pension for employed persons as well as to legislations in Argentina concerning contributory benefits of the Social Security System”.
- It also takes care of factors like “rent, subsidy and lump sum payments” as per national laws of both countries.
- Historical background: India and Argentina have maintained diplomatic relations for over seven decades, with diplomatic ties established in 1949. The historical connections have laid the foundation for cooperation in various sectors.
- India-Argentina trade ties have been expanding in recent years covering, IT, agriculture, and automobile and pharmaceuticals sectors.
- India is the 4th largest trading partner of Argentina with bilateral trade reaching 6.4 billion dollars in 2022.
- India and Argentina agreed to exchange researchers and startups in the field of biotechnology and agriculture.
- India and Argentina collaborate on various multilateral platforms, including the G-20 and the United Nations. They often share common perspectives on global issues like climate change, sustainable development, and South-South cooperation.