India & United States sign MoU to promote cooperation in MSMEs

India and the United States of America signed a historic Memorandum of Understanding (MoU) for cooperation recently, aimed at enabling Micro, Small, and Medium Enterprises (MSMEs) from both countries to drive innovation, participate more effectively in global markets and foster trade.

Sharing his thoughts in a post on X, Mr. Randhir Jaiswal, the official spokesperson of the Ministry of External Affairs, Government of India, wrote “ 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.”

 The agreement was signed by Mr S.C. L. Das, Secretary, Ministry of Micro, Small and Medium Enterprises, Government of India and Ms Isabel Casillas Guzman, Administrator, Small Business Administration (SBA), United States of America, inking the landmark cooperation pact in New Delhi.

The MoU envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace through mutual visits as well as webinars and workshops on topics including access to trade and export finance, technology and digital trade; green economy, and trade facilitation.

The MoU also provides for the joint conduct of programmes for women entrepreneurs to empower them and facilitate trade partnerships between women-owned small businesses in the two countries.

Recognising the crucial role that MSMEs play in advancing inclusive growth, expanding exports, and boosting employment, the two sides also agreed to explore the development of a “Business Matching Digital Platform” to boost business opportunities.