Law ministry to help expand business ties with USJanuary 10th, 2009 - 5:25 pm ICT by IANS
New Delhi, Jan 10 (IANS) The law ministry will continue to streamline the legal framework to help India’s business with the US expand, the government said here Saturday.The ministry is working closely with other ministries, including those handling commerce and industries, in providing suitable legal framework to ensure that the “two big democracies of the world realise their full potential of business transactions”, Law Minister H.R. Bhardwaj said.
The minister made the remarks in his inaugural address to a legal conference on “Doing business in Today’s Economy”, organised by US-India Business Council in cooperation with American Bar Association Section of International Law and the Bar Association of India.
While talking of his ministry’s work in simplifying laws to aid business growth, Bhardwaj said that there exists tremendous business opportunity between the two countries and both can benefit.
The minister also took note of the legal fraternity’s grievance that US laws for allowing lawyers to access business opportunities there were tough.
He said India would take up the issue of liberalising America’s legal framework for Indian lawyers and legal firms to take up legal work there.
Indian lawyers want more liberalised norms for work permits and business visas in the US.
Earlier, in his opening remarks, Bar Association of India honorary general secretary Lalit Bhasin said “despite the current global economic uncertainty, the US-India global relation continues to flourish”.
“The business opportunities abound for those with an understanding of critical legal, regulatory and political issues, which are the foundation of the two economies,” Bhasin said.
The seminar, which brought together leading policymakers and experts from the legal field, was addressed amongst others by parliamentarian and senior advocate Abhisek Manu Singhvi, eminent jurist Fali S. Nariman, and US embassy’s acting economic minister-counsellor John Fennerty.
The seminar dwelt on issues such as information technology and outsourcing, managing mergers and acquisitions, private equity and venture capital.