India, U.S. sign knowledge-trade initiative

By Sridhar Krishnaswamy

MUMBAI, MARCH 24. A protocol was signed today, on the occasion of the visit of the U.S. President, Mr. Bill Clinton, between the Federation of Indian Chambers of Commerce and Industry (FICCI) and the United States India Business Council (USIBC). It will, among other things, encourage, support and facilitate a business- to-business dialogue with a view to accelerating the synergy between the two countries in the areas of knowledge-based products and services.

Known as the `knowledge-trade initiative', the idea is to foster a creative and constructive analysis of current rules and institutions, both national and international, that regulate international trade in information or knowledge-based products and services.

The time-bound effort is intended to ask as well as answer the question if the existing rules and institutions are adequate enough to support the kind of trade in intangible products and ideas in the realisation of a dynamic bilateral business relationship, as well as taking into account the overall global economic development.

The structure and organisation of the initiative aside, what is being stressed is that the leadership would be provided by a group of senior business leaders drawn from a broad array of information-based industries; and that the initiative will centre on four substantive - e-commerce regulation and taxation; trade and services; intellectual property; and movement of natural persons.

One of the high points of Mr. Clinton's visit to the `financial capital' of the country was a meeting with the `Young Leaders of the India of Tomorrow'. The meeting with young leaders drawn from different sectors such as industry, science, social services and theatre was to enable the President to get a firsthand idea of how the younger generation perceives the future of India.

In another development, the U.S. Commerce Secretary, Mr. William Daley, witnessed the signing of several agreements between the U.S. and India valued at over $ 2 billion. The business agreements related to the fields of IT, finance, energy and environment.

Further, Mr. Daley signed two MoUs on behalf of the Export Import Bank of the U.S., valued at $ 1 billion that has been pledged for Indian small businesses to purchase U.S.-made goods and services. The Ex-Im Bank has also approved a preliminary commitment of nearly $ 360 million for the purchase of ten Boeing aircraft by a private airline.

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