The chances of 1.6 lakh chartered accountants in the country being employed in companies and organisations across the world will soon be brighter with India going in for Mutual Recognition Agreements (MRAs) with many nations. Having already worked out MRAs with Australia and the UK, India is in talks for MRAs with Singapore, Ireland, Canada, Japan, the Netherlands and with some West Asian and Asian countries, Corporate Affairs Ministry officials said. After the US, India is the country with the maximum number of CAs.
“These MRAs are not for practicing as CAs in these countries, but for taking a membership in their respective CA institutes that are counterparts of the Institute of Chartered Accountants of India (ICAI) by clearing the mandatory tests.
“This will improve the chances of employability of Indian CAs in companies and organisations in those countries. The MRAs will also enable CAs in partner countries to take ICAI’s membership after passing our tests,” the ICAI President, Mr Amarjit Chopra, told Business Line over phone.
Mr Chopra, who is in Singapore for negotiate an MRA, said the discussions were “positive” and “progressing smoothly.”
These developments come as India has inked a Comprehensive Economic Cooperation Agreement with Singapore, and is negotiating similar pacts with Japan and the European Union to boost trade in goods and services and investments. India is also mulling a Free Trade Agreement with Australia and Canada.
“We expect these countries to recognise our CA standards and the exams which students have to clear,” Ms Renuka Kumar, Joint Secretary, Corporate Affairs Ministry, said, adding that the MRAs will also help Indian CA students to be treated on an equal basis with their counterparts in the respective countries.
Ms Kumar said the Commerce Ministry has been in regular touch with the Corporate Affairs Ministry regarding services negotiations in bilateral trade pacts and in the multilateral negotiations at the World Trade Organisation, particularly with respect to the CA profession.
“We have been actively participating in these discussions with the Commerce Ministry,” she added.
Source: Businessline
