India and the United States signed a significant Memorandum of Understanding (MoU) on Tuesday, aimed at enhancing the participation of Micro, Small, and Medium Enterprises (MSMEs) from both countries in global markets. This agreement seeks to foster trade, drive innovation, and support women entrepreneurs.

Randhir Jaiswal, the official spokesperson of the Ministry of External Affairs, announced the development on social media platform X, stating, “India-US joining hands to promote cooperation in MSMEs.” He further highlighted that the MoU is a landmark agreement, providing a platform for MSMEs in both countries to engage in the global marketplace, support innovation, and encourage trade.

The MoU 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 U.S. Small Business Administration (SBA). The agreement outlines a framework for ongoing discussions and cooperation on issues related to MSMEs between the two nations.

The MoU specifically focuses on improving the participation of MSMEs in the global market. It includes provisions for the exchange of expertise through mutual visits, webinars, and workshops on various topics such as access to trade and export finance, technology and digital trade, green economy initiatives, and trade facilitation.

A key component of the MoU is its emphasis on empowering women entrepreneurs. The agreement outlines plans for joint programs designed to facilitate trade partnerships between women-owned small businesses in India and the U.S. These initiatives are aimed at creating new opportunities and strengthening economic ties between the two countries.

Recognising the vital role that MSMEs play in promoting inclusive growth, expanding exports, and creating employment opportunities, the two sides also agreed to explore the development of a "Business Matching Digital Platform." This platform is intended to boost business opportunities and further collaboration between Indian and U.S. MSMEs.

The signing of this MoU marks a step forward in the economic partnership between India and the U.S., with both countries committed to supporting the growth and global integration of their MSMEs.

Image source: Economic Times