India and the United States on Tuesday signed a “historic” agreement that provides a framework for both sides to explore cooperation in the micro, small and medium enterprises (MSME) sector.
Ministry of External Affairs spokesperson Randhir Jaiswal said the Memorandum of Understanding (MoU) would enable MSMEs of the two countries to promote trade.
“Today, India and the United States signed a historic memorandum of understanding that enables MSMEs from both countries to participate in global markets, drive innovation, foster trade, and support women entrepreneurs,” he said in X.
The MoU was signed in accordance with a decision taken during Prime Minister Narendra Modi’s visit to the US in June last year.
The pact was signed by both parties in New Delhi.
The MoU provides a framework for both parties to discuss issues relating to the MSME sector and explore possibilities for cooperation.
The two sides are expected to exchange experience on issues related to enhancing MSME participation in the global market; cooperation in areas of technology and digital trade, green economy; and trade facilitation, people familiar with the matter said.
It also envisages joint implementation of programmes for women entrepreneurs to empower them and facilitate business partnerships between women-owned small businesses in the two countries, they said.
Recognizing the crucial role MSMEs play in advancing inclusive growth, expanding exports and boosting employment, the two sides also agreed to explore the development of a “Digital Business Matchmaking Platform” to boost business opportunities, the people cited above said.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 13, 2024 | 11:45 PM IS
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