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BRICS trade ministers emphasise cooperation among MSMEs
14
Oct '16
Commerce and industry minister Nirmala Sitharaman with trade ministers of other BRICS nations. Courtesy: PIB
Commerce and industry minister Nirmala Sitharaman with trade ministers of other BRICS nations. Courtesy: PIB
The importance of developing cooperation among micro, small and medium enterprises (MSMEs) in the crucial areas of trade and investment was emphasised at the 6th meeting of the BRICS trade ministers held in New Delhi. The trade ministers meeting was preceded by the 13th meeting of the BRICS Contact Group on Economic and Trade Issues (CGETI).

The cooperation among MSMEs can be in the form of exchange of information on the regulatory framework, rules, regulations and good regulatory practices governing MSMEs; interface among the major chambers of commerce and industry of the MSMEs; and participation of MSME stakeholders in BRICS economic events such as trade fairs, conferences, seminars etc, a communique issued at the end of trade ministers meeting said.

The MSME sector in many of the BRICS economies contribute directly or indirectly to nearly half of their exports, manufacturing output and GDP. The ministers acknowledged the role of MSMEs as the engines of export led growth and employment generation given the highest rate of employment per unit of investment in MSMEs; and their crucial role in addressing regional disparity and poverty alleviation.

Cognisant of the impediments faced by MSMEs, the ministers stressed on the need for cooperation among the BRICS countries to effectively address the barriers to trade and investment amongst the MSMEs.

The ministers welcomed continued efforts to foster cooperation and facilitate exchange of experiences between BRICS countries on MSMEs. In this regard, they welcomed the 'BRICS Micro Small and Medium Enterprises (MSME) Cooperation Framework' which encourages MSMEs in BRICS to strengthen mutually beneficial commercial relationship. The Framework sets the agenda of cooperation on SMEs by the BRICS countries.

The Ministers also endorsed the 'Framework for BRICS Single Window Cooperation' and underlined the importance of closer cooperation among the BRICS countries in the development of their national single windows. They emphasised the need for BRICS countries to operationalise the Framework based on the Guiding Principles, Objectives and Priorities for Cooperation. (RKS)

Fibre2Fashion News Desk – India

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