Kolkata, May 11 (IANS): India's e-commerce regulations need more consultation with American companies that have invested in India, according to a senior US official

Acting Assistant Secretary of Commerce and Director General of the US Foreign Commercial Service for the Department of Commerce, Ian Steff on Friday said some of the e-commerce regulations have not received the type of consultation that is needed with some of the large investors.

"Not only the US investors but Indian entrepreneurs as well. This is a market that has been fuelled by data," said Steff on the sidelines of an event organised by Indo-American Chamber of Commerce (IACC) here.

When asked on issues related to generalised system of preference (GSP), Steff said issues related to the GSP have been discussed between the office of the American and Indian trade representative.

"We need to really deal with the issues in a substantive manner in a way that encourages industry on both sides to take advantage of an ecosystem that fuels additional investment."

Pointing out that issues like data localisation, price control of medical devices and higher tariffs threaten to slow down trade relationships between the two countries, Steff said he was optimistic that the issues will be sorted out.

Steff is a part of US Secretary of Commerce Wilbur Ross's delegation to India that also included over 100 US companies as part of the Department of Commerce's annual trade mission programme, Trade Winds.

Speaking at the event, S.K. Sarkar, the National President of IACC, said India and the US were looking at a bilateral trade volume of $500 billion by 2023-24 from the current level of $142.3 billion.

"To take the relationship to the next level we need to take care of some of the short term issues, whether its data localisation, e-commerce, price controls of medical devices or high tariffs.

These are issues that threaten to slowdown the trade relationships that we want to build," Steff added.