(From L- R) President ICAI, CA.G.Ramaswamy greeting Sh. S M Krishna, Hon’ble Minister of External Affairs alongwith Vice President, ICAI, CA.Jaydeep.N.Shah.
The ICAI today organized a conclave as a drive to provide an interface between various user groups in the emerging global economic scenario and considering the developing relationship that India has with its trading partners.
The Conclave witnessed participation of Trade Officials from 37 Foreign Missions/Embassies situated in India .
The Conclave was inaugurated by Sh. S M Krishna ,Hon’ble Minister of External Affairs,Government of India.
The Broad agenda for Conclave was to foster and promote bilateral co-operation between the trade and industry of the two nations. To explore areas where ICAI can collaborate with similarly placed organizations /institutions in the other Countries and to promote the accounting profession of the two countries. Doing Business, at either end: Using Expertise of ICAI for being a one stop destination on issues of socio-economic & legal environment and setting up business in India.Knowledge and Resource sharing for Capacity Building of Trade & Industry. Capacity Building in terms of developing accountancy humanware in countries which lack the accounting institutions.
The representatives present from various countries expressed their interest to work together with ICAI on developing best practices & regulatory framework for promoting transparency, accountability and good governance. The representatives from the African countries expressed their desire to collaborate with the ICAI for establishment of accounting institutions in their respective countries. The deliberations in the conclave focused around Taxation issues like international taxation, transfer pricing and to provide a regulatory framework for encouraging investment in different countries.
Hon’ble Shri S.M. Krishna, External Affairs Minister, Government of India, during his address said that ICAI can play an important role in promoting mutually beneficial interaction in today’s globalised economy. He added , “As barriers to global trade & financial flows gradually come down, it is important that the accounting of these flows is harmonized . ICAI has recognized its role in this process and in other aspects of the dynamic world of global economy.”He said that Today’s interaction would open up new and important vistas of cooperation for the Institute and trade representatives for mutual benefit, and to the benefit of our economies.
He further added that Indian Technical and Economic Cooperation (ITEC) Programme and Special Commonwealth Assistance for Africa Programme (SCAAP), which accommodates thousands of candidates from 161 countries in Asia, Africa, Latin America and East Europe, are key components in sharing our experience in capacity building and economic development as a whole.
He said that as Indian corporate increasingly acquires global dimension, the Government does its utmost to ensure that the universally accepted values of good governance-accountability, transparency, responsibility and responsiveness to stake holders are followed scrupulously. The chartered Accountant community, led by ICAI has a significant role to perform.
Addressing the gathering, the president of the Institute, CA.G.Ramaswamy said that the biggest issue before the Institute is “globalization of Indian Accountants”. He emphasized on the need of strategic collaborations with more international accounting bodies so that ICAI can provide a global outlook to its members.
He also mentioned of the various tie-ups with many premier accounting institutes such as Institute of Chartered Accountants of England & Wales, Institute of Chartered Accountants of Australia, CPA Australia, Canadian Institute of chartered Accountants. Institute is also working on similar agreement with the New Zealand Institute of Chartered Accountants, Institute of certified Public Accountants of Singapore and South Africa Institute of Chartered Accountants.
Vice President, ICAI, CA.Jaydeep.N.Shah concluded the conclave with the vote of thanks and stated that building relationships with other bodies in other countries was high on the agenda of ICAI. He added that all attempts are being made to discuss and develop ways and means to foster and promote bilateral cooperation between the trade and industry of other nations.