16th July 2024
FICCI CASCADE hosted an engaging Twitter Space programme, featuring Ms. Sungita Sharma, Former Special Secretary & Member (Admin), Central Board of Indirect Taxes and Customs, Think Tank Member, FICCI CASCADE on 16th July 2024. The session, titled “Unmasking Illicit Trade: Global Trends and Impacts on Economy and National Security,” provided a deep dive into the pressing issue of illicit trade. Ms. Sharma led the discussion, shedding light on the global trends shaping this menace and its profound impact on national economies and security frameworks.
The session highlighted the multifaceted challenges posed by illicit trade, including revenue losses, threats to legitimate businesses, and the erosion of public trust in regulatory systems. Ms. Sharma emphasized the need for enhanced collaboration among governments, international organizations, and the private sector to counter this pervasive threat effectively. She also underscored the role of technology in tracking and mitigating these activities, stressing the importance of innovation in enforcement strategies.
Ms. Sharma mentioned that empowering consumers with knowledge about the dangers of counterfeit and smuggled goods can significantly reduce demand, thereby weakening the networks that sustain these illegal activities. Furthermore, she advocated for stringent penalties and a robust legal framework to deter offenders, ensuring that enforcement efforts are supported by strong judicial backing.
The discussion concluded with a call to action for greater awareness and a collective approach in addressing the economic and security challenges arising from this global issue. The program reinforced FICCI CASCADE’s commitment in fostering dialogue and solutions to safeguard economic integrity and national security.
Moreover, participants engaged in a productive dialogue, sharing ideas and strategies to combat illicit trade and protect socio-economic interests on a global level.
The virtual program garnered enthusiastic participation from 10,000 attendees worldwide.
