India and US sign landmark MSME cooperation agreement

16 Aug, 2024

India and US sign landmark MSME cooperation agreement

India and the US have signed a landmark agreement to enhance cooperation in the micro, small, and medium enterprises (MSME) sector. The Memorandum of Understanding (MoU), signed on Tuesday in New Delhi, aims to foster trade and innovation by enabling MSMEs from both countries to engage more effectively in global markets. The agreement was established as part of a decision made during Prime Minister Narendra Modi’s visit to the US in June of the previous year.

The MoU outlines a framework for addressing various issues related to the MSME sector, including technology and digital trade, green economy initiatives, and trade facilitation. It includes provisions for sharing expertise and conducting joint programs, particularly focusing on empowering women entrepreneurs and creating trade partnerships between women-owned small businesses in India and the US.

In addition to enhancing bilateral trade, the agreement also seeks to develop a "Business Matching Digital Platform" to increase business opportunities and support inclusive growth. This initiative reflects the recognition of the critical role MSMEs play in expanding exports and boosting employment in both countries. The new framework is expected to drive significant advancements and collaboration between the two nations’ MSME sectors.