India and the U.S. Collaborate to Enhance Cooperation in MSMEs

August 14:
Micro, small, and medium-sized businesses (MSMBs) from both India and the United States will be able to take part in international markets and promote commerce thanks to a historic Memorandum of Understanding (MoU) that the two nations signed to further strengthen their collaboration.

"India-US joining hands to promote cooperation in MSMEs," stated Randhir Jaiswal, the official spokesperson of the Ministry of External Affairs, on X.

"Today, India-US signed a landmark MoU that enables MSMEs of the two countries to participate in global markets, drive innovation, foster trade, and support women entrepreneurs," according to him. The Memorandum of Understanding 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 United States of America's Small Business Administration (SBA).

This memorandum of understanding (MoU) establishes ground rules for future discussions and potential collaboration between the two parties on matters pertaining to micro, small, and medium businesses (MSMEs).

Through scheduled meetings, webinars, and workshops, the two parties hope to share knowledge and insights on how to better assist micro, small, and medium-sized enterprises (MSME) in participating in international markets. Subjects covered will include trade facilitation, green economy, technology and digital trade, and access to export financing.

In order to develop women entrepreneurs and promote trade ties between small firms owned by women in both nations, the MoU also calls for the combined implementation of programs in these areas. The two parties also decided to investigate the possibility of creating a "Business Matching Digital Platform" to increase business possibilities, acknowledging the vital role that MSMEs play in promoting equitable growth, increasing exports, and creating more jobs.