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'India's e-commerce regulations need more consultation'

IANS  |  Kolkata 

India's regulations need more consultation with American companies that have invested in India, according to a senior US official

and Director General of the for the Department of Commerce, on Friday said some of the regulations have not received the type of consultation that is needed with some of the large investors.

"Not only the US investors but Indian entrepreneurs as well. This is a market that has been fuelled by data," said Steff on the sidelines of an event organised by (IACC) here.

When asked on issues related to generalised system of preference (GSP), Steff said issues related to the GSP have been discussed between the office of the American and Indian

"We need to really deal with the issues in a substantive manner in a way that encourages industry on both sides to take advantage of an ecosystem that fuels additional investment."

Pointing out that issues like data localisation, price control of medical devices and higher tariffs threaten to slow down trade relationships between the two countries, Steff said he was optimistic that the issues will be sorted out.

Steff is a part of US Wilbur Ross's delegation to that also included over 100 US companies as part of the Department of Commerce's annual trade mission programme, Trade Winds.

Speaking at the event, S.K. Sarkar, the of IACC, said and the US were looking at a bilateral trade volume of $500 billion by 2023-24 from the current level of $142.3 billion.

"To take the relationship to the next level we need to take care of some of the short term issues, whether its data localisation, e-commerce, price controls of medical devices or high tariffs.

These are issues that threaten to slowdown the trade relationships that we want to build," Steff added.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, May 11 2019. 08:52 IST