IACC Geared up to Promote Indo-US Ecconomic Relations

Indo-American Chamber of Commerce, which is rapidly emerging as a dynamic platform for the promotion of trade and commerce between India and the United States, welcomes the joint statement by President Barack Obama and Prime Minister Narendra Modi. The two leaders endorsed the first “Vision Statement for the Strategic Partnership” that committed both governments to “facilitate actions necessary” to increase two-way trade to $500 billion from the current $100 billion, which in itself is a fivefold increase since 2001.

As the premier bilateral platform for Indian and American businesses, with its own ambitious goal to become a major player in Indo-US trade and commerce, IACC will launch a slew of initiatives that will help boost ties. The summit that begins today is a first-off-the-block event, coming barely days after the issuance of the joint statement.

Under its newly-elected national president Asoke Laha and its recently re-elected regional president Lalit Bhasin, the chamber will in the next 12 months pioneer a calendar of events targeted at boosting trade in specific areas such as IT & Cyber Security, Aviation, Hospitality, Accounting and Law.

According to Lalit Bhasin, the spirit behind IACC’s increasingly influential strategy, “Indo-US commercial relations are paved over with good intentions at the political level. Several US presidents and Indian prime ministers have helped two-way trade touch today’s respectable level. But this pledge to drive it to the half-trillion mark is truly remarkable. It will transform not just bilateral relations but will drive geopolitical realities in years to come.”

Mr Bhasin said his organization, the IACC, will spearhead the Indian thrust to magnify bilateral trade and commerce with the US. “I am convinced that the way to achieve this is at the level of small and medium enterprises. They are the backbone of the American economy and are beginning to play an important role in India as well. It dovetails with the IACC objective to reach out to SME on both sides and reinforces the truly bilateral nature of our organization.”

Commenting on “facilitating actions necessary” flagged in the Indo-US vision statement, Mr Laha said that on the US side, “the Obama administration has already begun the process by appointing Indian Americans as key players shaping the Indo-US dialog. I refer to the elevation of Nisha Desai Biswal as the diplomatic point person for India and the recent appointment of Richard Rahul Verma as US ambassador to India. In turn, the Indian government has undertaken to take steps that will make it easier for US companies to do business in India.”