Washington, June 11 (UNI) The Council of Better Business Bureaus (BBB) and the Federation of Indian Chambers of Commerce and Industry (Ficci) has announced a formal partnership to promote standards and responsible business practices in the US and Indian markets.
The whole exercise is based on voluntary self-regulation and introduction of global best practices in the area of customer satisfaction, a statement said.
The US and India together account for nearly 26 per cent of the world's gross domestic product (using purchasing power parity calculations).
According to the US Census Bureau, the value of imports and exports between the US and India increased 19 per cent from 2005 to 2006, and another 30 per cent from 2006 to 2007 when total trade values between the two countries topped 41 billion dollars.
''Trade between the US and India is projected to continue growing and it's the role of organizations like BBB and Ficci to ensure that business standards and best practices for the marketplace are also being exchanged,'' said BBB President and CEO Steven J Cole said.
''For nearly 100 years, BBB has led the charge in North America to promote ethical standards for businesses and we look forward to expanding the scope of our services and expertise in self-regulation to the global marketplace,'' he added.
With a nationwide membership of 500 chambers and 1,500 corporate partners employing more than 25 million people, Ficci is the rallying point for free enterprise in the emerging Indian economy.
This collaboration will bring the knowledge base of BBB, a pioneer in business standards and self-regulation, to the increasing number of businesses operating between Indian and US markets.
''As a part of the world's second-fastest growing economy, Indian businesses are investing in creating the best global practices and standards that establish a relationship of mutual trust with their customers,'' Ficci Secretary General Amit Mitra said in the statement.
The Memorandum of Understanding (MoU) signed between BBB and Ficci encompasses a series of collaborative efforts including information exchange, collaborative research, training and capacity building, mediation and arbitration services and consultancy services.
UNI XC SR HT2038