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US urges India to enhance its position in global supply chain


Date:- 03 Sep 2020


Says India has improved its ease-of-doing-business index, but challenges remain on the market access front

The United States has urged India to create an environment that will foster its position in the global supply chain and said that the country continues to face challenges on the market access front despite improvement in the ease of doing business.

 

Observing that the coronavirus pandemic may give rise to self-sufficiency and self-reliance sentiments among struggling economies, Joseph Semsar, Deputy Under Secretary of Commerce for International Trade, said India with its “Atmanirbhar Bharat” Initiative has put forward a programme that puts a question mark on the notion of self-reliance.

“Our thought is that isolationist policies can also cause a decrease in exchange between businesses and economies, less technology and best practice sharing, fewer joint research and development projects and stifled innovation,” Semsar said at the third India-US Leadership Summit organised virtually by the US India Strategic and Partnership Forum (USISPF).

“So we urge the Government of India to focus on creating an environment, fostering an environment that will enhance India's position in the global supply chain,” he said in response to a question from Anish Shah, deputy managing director and group CFO, the Mahindra group, who is also a USISPF board member.

“India has improved its ease-of-doing-business index, but challenges remain on the market access front,” he said.

“There are concerning issues regarding data localisation, intellectual property rights, high tariffs, duplicative safety and security testing, price controls, and FTI restrictions in sectors like insurance,” he added. 

 

These are the challenges that India and the United States have to work together to resolve, Semsar said. 

Noting that the Trump administration has long recognised the need to diversify supply chains for both economic and national security of the US, he said that business leaders are finally realising that they cannot rely on unsuitable sources for their production.

The coronavirus pandemic has shown how easily supply chains can weaken and in some cases, even break down entirely. 

“On this front, India has the potential to become a global supply chain leader in the Indo-Pacific region and beyond,” Semsar said. PTI

Courtesy : Daily Tribune:  3rd September, 2020