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Walmart, Amazon issues to mark US Commerce Secretary's India visit

IANS  |  New Delhi 

Ross' three-day visit to starting Wednesday comes at a crucial time when American giants and are facing fresh difficulties after changes in the country's FDI norms for the segment.

Sources said the US is likely to exert pressure on his Indian counterpart to make changes to the country's policy in favour of the American giants and The US is the majority stakeholder in the

The new norms which prohibit the from selling products of in which they have stakes came into effect on February 1 despite both and Walmart seeking a six-month delay in their implementation.

These norms released in December also prohibit the online from mandating any company to sell its products exclusively on its platform. The new policy also noted that the will not directly or indirectly influence sale price of goods and services and will maintain a level-playing field.

Beginning Thursday, Ross would co-chair the India-US Forum with the Union

Announcing the delegation of 20 American CEOs accompanying him, Ross said: "The US-Forum is critical to the fruitful commercial relationship and strong economic ties between our two great nations."

"The incoming US CEOs will bring fresh perspectives to the Forum and help us consider new opportunities to further deepen our cooperation," he added.

The private sector American members or chiefs of the forum include Ajay Banga, John Chambers, CEO and CEO, Antonio Neri.

has had its share of discomfort in the country of late with the Reserve Bank of India's (RBI) data localisation norms.

The in April issued a new regulation, which came into effect from October 16, requiring payments to store all information about transactions involving Indians solely on computers in the country.

Both the payment service providers and had initially resisted the move and sought an extension in the implementation of norms. They have, however, toed the RBI's line and have complied.

CEO is also grabbing headlines as he has been summoned by a parliamentary panel.

The US Commerce Secretary's visit is also likely to feature talks on the protectionist measures and ongoing trade tensions between the two countries.

Industry participants feel Ross's visit should also be an opportunity for the to discuss trade and tariff issues with the

--IANS

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

First Published: Wed, February 13 2019. 19:42 IST
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