India and US Sign MoU to Drive Inclusive Growth and Innovation for Small Businesses The MoU aims to create a collaborative framework for addressing issues related to MSMEs and exploring cooperative ventures.
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On August 13, 2024, a Memorandum of Understanding (MoU) was signed between the Ministry of Micro, Small, and Medium Enterprises (MSME) of India and the Small Business Administration (SBA) of the United States. The agreement, formalised in New Delhi, marks a pivotal step in enhancing bilateral cooperation among small and medium-sized enterprises (SMEs).
S C L Das, Secretary of the Indian Ministry of MSME, and Isabel Casillas Guzman, SBA Administrator, sealed the MoU in alignment with the directives from the India-US Joint Statement of June 2023. The MoU aims to create a collaborative framework for addressing issues related to MSMEs and exploring cooperative ventures.
Key aspects of the MoU include:
- Knowledge Exchange: The agreement facilitates the exchange of expertise through mutual visits, webinars, and workshops focusing on topics such as trade and export finance, technology, digital trade, the green economy, and trade facilitation.
- Women BIZ Experiencess: Joint programs will be conducted to empower women BIZ Experiencess and foster trade partnerships between women-owned small businesses in both countries.
- Business Matching Platform: A proposed "Business Matching Digital Platform" will be developed to enhance business opportunities and streamline connections between enterprises from both nations.
This MoU underscores the vital role MSMEs play in driving inclusive growth, expanding exports, and creating employment. The collaborative efforts between India and the US are set to open new avenues for MSMEs, fostering a robust environment for international trade and innovation.
