Mumbai: Indian Broadcasting Foundation (IBF) and Advertising Agencies Association of India (AAAI) announced on Friday that they have signed an agreement, which will have a far-reaching impact on the industry. The agreement stands valid till 31 March 2010.

Commenting on the new agreement, Jawahar Goel, president of IBF said: “We welcome this development. The joint working committee of the two bodies has helped streamline procedures, resolve disputes, and improve billing and collection practices in the past. The renewed agreement is designed to tackle the challenges of our rapidly changing environment, and we are confident that it will be enormously beneficial for all stakeholders.”

Speaking on the occasion, Madhukar Kamath, president AAAI said, “We are all delighted at the signing of this agreement. We are positive it will have a progressive influence on areas such as negotiation, campaign planning, compensation, credit period, monitoring systems etc.”

The first meeting of the joint working committee of the IBF and AAAI will take place on 4 April in Goa, days ahead of the Goafest 2008. “IBF members have whole heartedly supported and participated in AAAI Goafest this year,” said Madhukar Kamath.

Kamath further said that IBF stalwarts such as TVTN CEO G Krishnan, Sales and Revenue President of Sony Rohit Gupta, NDTV CEO Raj Naik and I. Venkat would attend the conclave. In addition to these names NDTV Imagine CEO, Sameer Nair, will be among the speakers at the Advertising Conclave to be held on 3 April, he concluded.