EXCLUSIVE: Walmart told the U.S. government privately in January that India’s new investment rules for e-commerce were regressive and had the potential to hurt trade ties, a company document seen by Reuters showed by AdityaKalra
NEW DELHI - Walmart told the U.S. government privately in January that India’s new investment rules for e-commerce were regressive and had the potential to hurt trade ties, a company document seen by Reuters showed.
Just months earlier, Walmart had invested $16 billion in Indian e-commerce giant Flipkart, its biggest ever acquisition globally. These issues, however, have failed to unnerve Walmart investors. Walmart shares have risen 21 percent, compared with a 19 percent increase for the S&P 500 since the start of the year.A USTR delegation led by Christopher Wilson, Assistant U.S. Trade Representative for South and Central Asia, was to meet Indian officials in New Delhi on Friday to resume discussions on trade ties and the e-commerce issue was likely to be high on the agenda.
Amazon.com Inc removed thousands of products from its India website briefly in February as it initially struggled to comply with the new policy. Flipkart was forced to rework some of its vendor relationships, sources told Reuters at the time. Although Reuters asked for both Amazon and Walmart’s communications, the USTR responded saying it found only one e-mail with Walmart’s representation between Dec. 22 and Jan. 28, the period for which the records were searched.
In the past six months, several Walmart executives have also weighed in publicly on India’s new e-commerce policy, including Chief Executive Doug McMillon, who said in February the company was disappointed by the Indian government’s decision.
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