I am an active day trader spending the majority of my time analyzing earnings reports and watching commodities and derivatives. I have a Masters Degree in Economics from Westminster University with previous roles counting Investment Banking.
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US President Donald Trump made an attempt to make new rules to curb the sales of counterfeit and pirated goods on e-commerce sites has been accepted by an apex body representing traders across the country, The Confederation of All India Traders (CAIT).
In response to the presidential memo held in April 2019, in which Trump had instructed the Department of Homeland Security to make a report in conjunction with the Attorney General, Commerce Department, and other federal agencies with recommendations for selling counterfeit and pirated goods in the American marketplace within 210 days, the new strategy by the US government plans to shift the market for counterfeit goods from third parties like retailers and general stores to the e-commerce platforms.
As the report states, the US Department of Homeland Security puts a legal obligation of presenting and promoting counterfeit goods on e-commerce hubs like eBay, Amazon, and Alibaba
Praveen Khandelwal, CAIT National Secretary General says that this obligation will lead to the ecommerce platform to sell illegal products and are getting engaged in malpractices even in their home country US. The government lead by trump will also take cognizance of such a matter. CAIT will also make promotions of these products in India, and bring such policies for the ecommerce market set up in India.
He stated that the Union Commerce Minister Piyush Goyal will have a meeting at CIAT delegation at the trader’s conference happening in Delhi at Kedar Nath Sahani Auditorium. While telling him about the US ecommerce policies, they will also urge him to implement same policies in India.
The ecommerce which is to be announced in June, would address the problem of the counterfeit goods which has a 15 per cent per annum which will touch to 1.82 trillion by the end of 2020 where the share of ecommerce will be about 25 per cent to this number and if the US can take action then why can’t the Indian government take the same action to change the image and nature of the Indian e-commerce market? asked Khandelwal.