IACC lobby for totalisation agreement between India and US; plans to focus on small and medium enterprises

MUMBAI: Indo-American Chamber of Commerce ( IACC) plans to focus on helping country’s small and medium enterprises to take advantage of their practices in the field of carbon credit, organic farming, clean fuel and green buildings to grow their business.

“The collaboration of America’s R&D with India’s capability to manufacture quality goods in price competitive manner can be a win-win situation for both the country’s small and medium enterprises,” said Anand Desai, newly appointed president of IACC and founder and managing partner of corporate law firm DSK Legal. “At a time when there is growing concern about the US economy, the Euro Zone and the Japanese economy, India with its economic resilience and robust growth can provide a useful platform for manufacturing.”

As per IACC data, the trade between the two countries for first seven months of calendar year 2011 (Jan to July) stands 19.7% up to $33.48 billion compare to same period last year with the balance trade surplus of $27.28 billion in favor of India. While, US export to India has gone up 12.91% to $12.43 billion.

According to RK Chopra, secretary general, IACC, “We support and would like to see the India-US totalisation agreement under which an expatriate in either country need not contribute to social security schemes of the host country. This will impact positively to Indian IT industry where many Indians are going to the US for short term on H1 visas.

IACC intends to help SME sector from both the side to come together for the betterment of the sector. With the help of US expertise, Indian small and mid-size companies can gain in the areas such as carbon credit and clean energy. The only bilateral chamber between the two countries will also focus in aviation and aerospace sector and also in homeland security where domestic sector has huge opportunities.