FIEO ties up with Irish trade body

The Federation of Indian Export Organisations (FIEO) and Irish Exporters Association (IEA) have signed Charter of Best Practice focusing on credit risk management, debt recovery and terms of trade.

Indian businessmen as well as Irish businessmen face several problems in their bilateral trade starting from trade disputes, risk related transit loss, payment risk and exchange risk.

This charter aims at covering all these issues and managing professionally with the help of professional bodies FIEO and IEA with appropriate terms and conditions and warranties.

Bilateral trade between India and Ireland is growing and reached from $187.31 million in 2001-02 to $383.87 million during the fiscal 2004-05 registering a growth of 105 per cent.

There is tremendous scope for increasing Indo-Irish commercial linkages amongst the small and medium enterprises of the two countries, according to Walter D'Souza, convener, committee on agro exports and AEZ, FIEO and chairman, Cashew Export Promotion Council of India.

The sectors that offer scope for enhanced bilateral co-operation include engineering, biotechnology, information technology, infrastructure, food processing, specialty chemicals, tourism, entertainment, animation and gaming among others.

With the measure FIEO envisages a quantum jump in the bilateral trade to $1 billion by 2010.

At present a huge contingent of Irish businessmen comprising of 90 members dealing with education, IT, BT, engineering, plastics, infrastructure, solar energy among and other sectors are in India for exploring business opportunities. Michael Martin, minister for enterprise, trade and employment said currently Irish exporters sell 127 million pounds per annum of goods to India and import 155 million pounds of goods.

The trade mission is expected to increase trading levels significantly through 2006 and beyond. The charter was signed by Walter D'Souza and John F Whelen, chief executive, Irish Exporters Association.