In the latest instance of growing collaboration, India has signed a memorandum of understanding with the US Consumer Product Safety Commission to establish institutional cooperation for ensuring safety of consumer products in bilateral trade.
The MoU was signed January 12 by Labanyendu Mansingh, secretary in the Department of Consumer Affairs, Government of India, and Hal Stratton, chairman of the CPSC, an independent US federal agency created by Congress in 1973, in Bethesda, MD, where the agency is headquartered.
The signing of the MoU, according to officials, underscores the commitment of both countries to improve safety of traded consumer products and provides the basis for undertaking cooperative endeavours to enhance the quality and safety of consumer products.
"Protecting consumers is our number one priority. This collaborative agreement underscores our commitment to improving the safety of consumer products," Mansingh said following the signing of the MoU.
"It is the beginning of a long and mutually-beneficial relationship with the United States that will protect consumers," said Mansingh, who led a delegation including, among others, S Sundareshan chairman, Forward Markets Commission of India.
As part of cooperation the two countries, under the MoU will also seek to provide technical assistance to develop suitable programs for ensuring safety of consumer products in bilateral trade, exchange information, develop training programmes and exchange experts on consumer safety issues for promoting the interests of consumers on a continuous basis.
During 2004, the CPSC signed similar MoUs with Canada and Mexico to improve the safety of consumer products.
Bilateral trade between India and US is growing rapidly in both directions, reflected in India's exports of consumer products to the US. According to the latest trade figures, India ranked 11th in exports of consumer products to the US in 2004, accounting for approximately two percent of US global imports of products under CPSC's jurisdiction.
India's exports under this category were $8.3 billion in 2004, a 21 percent increase since 1997.
Stratton noted that India is an increasingly important player in the US marketplace. "This agreement lays the groundwork for improvements in the safety of consumer products coming to the US from India. Working directly with governments, as we are doing here with India, will help both agencies identify dangerous products faster, save lives and prevent injuries in both countries," he said.
Besides signing the MoU, the six member delegation led by Mansingh also had meetings with Reuben Jeffery III, chairman of Commodities Futures Trading Commission and other senior officials of the CFTC as well as the Federal Trade Commission and private sector representatives in the US commodities market.
During the delegation's visit to New York, it held discussions with Mitchell Steinhause, chairman of New York Mercantile Exchange, Fred W. Schonehut, chairman of New York Board of Trade and James A. Guest, President, Consumers Union.
The CPSC is charged with protecting the public from unreasonable risks of serious injury or death from more than 15,000 types of consumer products under the agency's jurisdiction.
