Accelerating Indo-US trade with Arun Kumar
MUMBAI, 16 MAY, 2016- The Asia Society in partnership with Syntel and Ambit welcomed Arun Kumar, U.S. Assistant Secretary of Commerce and Ashok Wadhwa, Group Chief Executive Officer of Ambit Holdings Private Limited. The discussion was set to explore the different ways by which stronger trade relations can be fostered between India and the U.S.
Mr. Kumar began by shedding light on the capabilities of Indian and American businesses that would stimulate a two-way trade relationship between them. He stated that India’s growing e-commerce sector is critical to Indo-U.S. trade. According to Mr. Kumar, heightened commercial cooperation between India and the U.S. would reflect a change in the sentiment regarding economic relations. Commercial cooperation has been boosted with the advent of the Indo-U.S. CEO forum and the U.S.-India Strategic and Commercial Dialogue. It provides a platform to unlock the much untapped potential of a business and strategic partnership between the two countries. The U.S-India Strategic and Commercial dialogue is reflective of shared priorities of generating economic growth, creating jobs and improving the investment climate.
Mr. Kumar stated that there are certain aspects that are crucial for Indo-U.S. trade relations. Presently, India’s major project is to build smart cities and quality infrastructure. Integration of U.S. infrastructure companies in Indian projects would strengthen economic relations between the two countries. Further, he stressed the significant role of the Indo-U.S. CEO Forum, which would launch an avenue to boost innovation and related two-way investment and trade. He attached a great deal of importance to the ease of doing business. India is yet to be integrated in the global supply chain. Thus, India needs to develop a suitable climate for investment and harmonize product qualities with the global chain of supply. A suitable investment climate would enable Indian small and medium sized enterprises to connect with the American ones for partnership. The Indian Embassy and Consulates are helping Indian companies to accelerate trade with the States, but the success of Indo-U.S. trade relations lies in the nature of commercial cooperation between the two countries. Ashok Wadhwa posed interesting questions regarding Make in India, Start-up India scheme and commercial partnership between India and the U.S.
As reported by Zainab Khorakiwala, Intern, Asia Society India Centre
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