Industry body FICCI today raised the issue of US plans to declare India as a 'Priority Foreign Country for IPR violations with a visiting delegation of American companies.
Under the US Trade Act, a Priority Foreign Country is the worst classification given to foreign countries that deny adequate and effective protection of IPR or fair and equitable market access to US persons relying upon IPR protection.
The agenda of the meeting between the US delegation and FICCI representatives was the road-map for resolution of thorny issues between the two countries in the commercial space that will be taken up with the new Indian government post elections.
The US-India relations on commercial front suffered due to issues such as intellectual property rights (IPR), taxation and transfer pricing, among other things.
"There is a greater need to consolidate divergent positions as there are regulatory issues faced by both US MNCs in India and Indian companies in the US and find pragmatic solutions to issues such as IPR, taxation and transfer pricing," Ficci Secretary General A Didar Singh said.
"India is not an only importer of patented products and technology but itself has interest in a strong IPR regime due to patents being generated by its IT, Science & Technology and Telecom industry," Chairman of FICCI IPR Committee Narendra Sabharwal said.
Issues such as Immigration Bill also came up during the discussion, as they bother the Indian IT industry and could impact the cost efficiency of US industry in the long run, Ficci said.
