New Delhi [India], Apr 6 : The Indo-American Chamber of Commerce (IACC) said on Monday that coronavirus pandemic needs global effort to contain its impact on healthcare systems and address the economic downside.
Hailing the initiative taken by Prime Minister Narendra Modi and US President Donald Trump to evolve Indo-US partnership, President of IACC northern regional council Lalit Bhasin said it should be a signal to all countries to engage in wider consultations to combat the infection.
Bhasin said India should extend all possible help to combat the spread of the virus since the US recovery from COVID-19 and its economy bouncing back are critical to an early global economic pick-up.
The United States, China and India -- three of the world's largest economies -- together contribute more than 70 per cent of global trade.
"The earliest recovery of these economies can spur global growth at a faster pace and in that process, all countries-developed, developing and least developed-will be beneficiaries," he said in a statement.
Bhasin said India needs considerable accommodation from the United States to come out of the COVID-19 backlash and to pep up its demand and supply side.
The World Bank's assistance of one billion dollars to India, which was announced recently, can partly help bridge the resource gap. India needs greater market access to the United States to tie down its export contraction.
Bhasin said COVID-19 has led to massive supply disruptions in both ways that will have bearing on the contract entered between the governments and private sectors.
"Both countries should sit together to sort out the issues including the triggering of force majeure in the spirit of give and take to ensure that bilateral relations move in the value chain," he said.
IACC has pan India presence with 2,400 members at 12 locations, representing a cross-section of US and Indian industry.
It promotes bilateral trade, investment and technology transfer, facilitates business collaborations, joint ventures, marketing tie-ups and strategic alliances through a set of proactive business-oriented initiatives.
( With inputs from ANI )