India and the US collaborate to enhance cooperation in Micro, Small, and Medium Enterprises (MSMEs)

New Delhi [India], August 14 : In a significant step to strengthen their partnership, India and the US have signed a landmark Memorandum of Understanding (MoU) aimed at enabling the Micro, Small, and Medium Enterprises (MSMEs) of both nations to engage in global markets and promote trade.

Randhir Jaiswal, the official spokesperson for the Ministry of External Affairs, announced on X, "India-US are coming together to advance cooperation in MSMEs."

He added, "Today, India and the US signed a landmark MoU that allows MSMEs in both countries to access global markets, drive innovation, promote trade, and support women entrepreneurs."

The MoU was signed in New Delhi by S. C. L. Das, Secretary of the Ministry of Micro, Small and Medium Enterprises, and Isabel Casillas Guzman, Administrator of the Small Business Administration (SBA) of the United States.

The agreement outlines a framework for addressing issues related to MSMEs and exploring cooperative opportunities. It includes plans for exchanging expertise on enhancing MSME participation in global markets through mutual visits, webinars, and workshops. Topics covered will include access to trade and export finance, technology and digital trade, green economy, and trade facilitation.

Additionally, the MoU supports joint programs to empower women entrepreneurs and foster trade partnerships between women-owned small businesses in both countries.

Recognizing the vital role of MSMEs in driving inclusive growth, expanding exports, and generating employment, the agreement also includes the development of a "Business Matching Digital Platform" to enhance business opportunities.