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The International Chamber of Commerce (ICC) will in the coming days focus energies on evolving common global standards for digital trade, its new Chairman Sunil Bharti Mittal has said.
As the e-commerce industry grows and expands around the world, there is a need to have common agreed international standards on digital trade, especially on trade terms, Mittal told a group of visiting reporters at the ICC headquarters here.
Mittal, who had recently assumed office as ICC Chairman, is the third Indian to get appointed to this prestigious position.
ICC has already opened a dialogue with the World Trade Organisation (WTO) on trade related aspects of e-commerce, Mittal noted.
The ICC Chairman also said that the proposed global standards would cover crucial aspects like taxation of e-commerce transactions — an issue that is being debated in a big way around the world.
On taxation, ICC will work closely with the Organisation for Economic Cooperation and Development (OECD), which is spearheading the Base Erosion and Profit Splitting (BEPS) initiative..
India had recently taken a small step in e-commerce taxation by introduction of an equalisation levy on certain B2B international transactions undertaken through digital platforms.
John Danilovich,Secretary General, ICC, said that it was digital businesses that had sought common global standards. He did not foresee any backlash or opposition from industry to the ICC’s plan for common standards in the e-commerce arena.
Trade matters
Mittal said that ICC would during his two-year term build on its recent campaign that “Trade Matters” and "business as a force for good''.
ICC will take all efforts to promote more trade between countries in the current difficult global economic situation.
After taking charge as ICC Chairman, Mittal has written to the heads of States emphasising that “Trade Matters” and there should be concerted efforts to push global trade.
“Trade will stimulate the global economy. More the trade, better it is for economic growth and job creation”.
On the aspect of march of technology leading to job losses in several industries, including traditional ones, Mittal said he proposes to convene a meeting of tech giants at Silicon Valley later this year to discuss this key issue.
He also indicated that ICC may come out with a paper on this issue of artificial intelligence and technological progress in business activities.
“You cannot stop the march of technology. Iam not against technological developments. However, we need to rightly prioritise it and ensure there is no jobless growth,” Mittal said.
India connect
Mittal also said that he would during his term as ICC Chairman entrench ICC presence in India.
Besides setting up centres for arbitration, plans are afoot to celebrate the 100th anniversary of ICC existence with a global conference in India sometime in 2018.
Mittal also said that he was “pleased” with the timing of his becoming the ICC chief as it came at a time when India was playing on the “front foot” on all matters that are also having the attention of ICC.
“We will dovetail our (ICC) efforts with Indian Prime Minister’s agenda on global stage, including focusing on inclusive growth, BEPS initiatives, asking corporations to pay their due share of taxes and moving towards moderate tax rates.”
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