News

‘US withdrawal of GSP not to have long-term effect on bilateral trade’

Our Bureau Kolkata | Updated on May 20, 2019 Published on May 20, 2019

KV Kumar, Chairman and CEO, Indian American International Chamber of Commerce   -  Debasish Bhaduri

Withdrawal of GSP (generalised system of preferences) by the US administration will have a short-term effect on bilateral trade, but the disadvantages will even out in the long term, said KV Kumar, Chairman and CEO, Indian American International Chamber of Commerce (IAICC).

“In the long term, business will take care of itself. There may be short-term impacts of GSP withdrawal,” he told the media here on Monday.

Trade volume

Bilateral trade in goods and services has registered a 12.6 per cent rise to $142 billion in 2018, compared with $126 billion in 2017.

The target is to take it to $500 billion by 2023-24.

The IAICC works with entrepreneurs, professionals, businesses and governments to develop entrepreneurship and commerce through mentor-protégé programmes, seminars, etc.

According to Kumar, one of the major disadvantages that India faces in the US is the absence of “lobbying” and “proper marketing of its goods and companies.” In fact, other countries have been much better at lobbying and marketing themselves because of which their voices are heard more often, he added.

“India is not doing enough when it comes to lobbying in the US. Some countries are known to spend millions of dollars on marketing themselves,” he said. Speaking on the rising trade tensions between the US and China, Kumar said “China is now a strong country” and it was a matter of debate whether trade concessions should continue or not.

MoU with Bengal Chamber

Meanwhile, the Bengal Chamber has signed an MoU with IAICC with a view to offering greater trade advisory services to small businesses of India and the US.

The Chamber could collaborate in facilitating B2B connects between American businesses and its Indian counterparts from East and North-East.

According to Kumar, a plan is afoot to build a B2B platform, which will help small businesses tap the global market.

Published on May 20, 2019

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.