Mangalore, Jan. 19
THE Federation of Indian Export Organisations (FIEO) and the Irish Exporters' Association (IEA) have signed a `charter of best practice', focusing on credit risk management, debt recovery and terms of trade.
A press release by Mr Walter D'Souza, Convenor of Committee on Agro Exports, Agri Export Zones and FIEO, said here on Thursday that Indian and Irish businessmen face several problems in the bilateral trade, including trade disputes, risk-related transit losses, and payment and exchange risks. The charter is aimed at covering all these issues and managing professionally with the help of bodies, such as FIEO and IEA.
With this measure, FIEO envisages a quantum jump in the bilateral trade to $1 billion by 2010.
Mr D'Souza and Mr John F. Whelen, Chief Executive of IEA, signed the charter recently.
Mr D'Souza, who is also the Chairman of the Cashew Export Promotion Council of India, said the bilateral trade between India and Ireland reached $383.87 million during 2004-05. There is a tremendous scope for increasing commercial linkages amongst the small and medium enterprises of the two countries. The sectors such as engineering, biotechnology, information technology, infrastructure, food processing, tourism, and entertainment offer scope for enhanced bilateral co-operation, he said.
Speaking on the occasion, Mr Michael Martin, Minister for Enterprise, Trade and Employment, said that Irish exporters sell goods worth 127 million euros a year and import goods worth 155 million euros from India.
Mr Liam Shanahan, Chairman of IEA's Asia Trade Forum, was present on the occasion, the release added.