Saturday, 16 January 2016

Facilitation in exchanges on technical textile sector between India and US

Facilitation in exchanges on technical textile sector between India and US

In yet another welcome move, India and the United States, have agreed upon in facilitation in exchanges with respect to technical textiles between the centers of excellence of the universities of the two nations. This came as a joint announcement issued right after the India-US Strategic and Commercial Dialogue. 

At the joint-press-conference, Mrs. Nirmala Sitharaman, Commerce and Industry Minister, India expressed her agreement on this collaboration, stating that this is a small beginning with respect to technical textiles, whereby both nations gave agreed on facilitating exchanges, between US Universities, and India’s Center of Excellence.

Under the agreement, both the nations will encourage their respective technical textile industries to participate in various trade exhibitions held in the respective countries. Moreover, the countries have agreed to consider collaboration on various standards pertaining to this area, along with addressing concerns relevant to exports barriers in case of technical textiles. Furthermore, the two nations have applauded their mutual decision to focus on both innovation, as well as entrepreneurship and have also  come to an understanding whereby they will be emphasizing the development of better commercial ties, thus taking the India-US partnership to a new level.  An innovation forum for the year 2016 was also agreed upon, which will serve as a platform for entrepreneurs of both the countries to share the best business practices, subsequently promoting innovation.

Additionally, both the nations kick-started a joint work stream pertaining to the ‘Ease of Doing Business’, under which it has been agreed upon to exchange imperative information as well as business practices regarding cross-border trade. India and the US will also take up initiatives with respect to commercial law, especially those regarding insolvency, transparency and contract enforcement. 

At the Strategic and Commercial Dialogue, both the countries gave their consent on a collaboration between the American National Standards Institute and the Confederation of Indian Industry, which is to be led by the private sector. They also decided upon maintaining a portal which will contain standard information with respect to small and medium scale enterprises, meant for the use of the industry.

 Commerce Secretary, Penny Prittzker explained at the US view of commercial bilateral ties with India, stating that in spite of being the quickest growing economy of the world, India is America’s 11th largest partner when it comes to trading and 18th, when it comes to its export market.  Given the headwinds of the global economy in the present times, both the nations cannot accept such under-performance on the commercial front, any longer.  Even the US President, Mr. Barack Obama expressed the need for both, Indian as well as American companies to ease the process of sale and purchase with each other, along with initiating investing as well as creating mutually. The President added that it is now the time to address the growth impediments faced by businesses and economies on both ends, and consequently work in tandem with each other in order to succeed. 

Overall, this facilitation in exchanges will open up newer avenues for the technical textile sector of both the nations, thereby encouraging better and healthier trade relations on the whole. Considering the fact that the US is a super-power, and India is the fastest growing economy of the world, this collaboration will definitely act as a milestone in the India-US trade relations!

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