ITA and VCCI mull export promotion agreement | SupportBiz

Policy Notes

ITA and VCCI mull export promotion agreement

 
America's International Trade Administration and The Vizagapatam Chamber of Commerce and Industry could meet end April to discuss bilateral trade.

Officials from the US Commercial Service, a government trade promotion wing, and The Vizagapatam Chamber of Commerce and Industry (VCCI) are likely to meet at the end of April to discuss a potential ‘export promotion agreement’.

The two sides will deliberate on probable products that can be exported to the other country, said VCCI honorary secretary M V Narayana Rao. VCCI will host the American officials in Vizag.

The US Commercial Service is the trade promotion arm of the US Department of Commerce’s International Trade Administration.

Vishakapatnam or Vizag is home to small and large industries, including over 800 MSMEs. “Vizag is growing and there is plenty of opportunity to do business with the city. When done, VCCI can act as a facilitator for imports into Vizag, alongside potential exports,” according to Rao.

But the port city has its share of problems, chief among them being unreliable power supply. Industrial units suffer a three-day power cut in a regular work week. VCCI has requested the government to solve the power crisis staring industrial units in the face. “To start with, the state government could bring down the power cut to two days a week,” Rao added.

On March 25, Air India launched a flight connecting Vizag with Dubai - the first international flight to take-off from the Indian Navy-controlled airport, reports Hindu Business Line. More international flights could follow, said civil aviation minister Ajit Singh – providing the much needed fillip to direct exports from Vizag.

Speaking at a tree planting drive in Vizag on March 27, Andhra Pradesh chief minister N Kiran Kumar Reddy said planned industrial investments for the port city totals INR90,000 crore, according to an IBNLive report.

“But industries, and Vizag’s MSMEs in particular, need more encouragement. The state government should step up the financial support it lends to MSMEs and it should also address labor-related issues,” Rao said.