Time to integrate MSMEs with Global Value Chains: Commerce Secretary

New Delhi, July 28 (IANS) As micro, small and medium enterprises (MSMEs) are an integral part of the BRICS countries, there is a need for cooperation and collective efforts for outcome-oriented support for the sector, which form the backbone of the overall industrial ecosystem and economic growth, said Commerce Secretary Sunil Barthwal.The Commerce Secretary, who attended the 14th BRICS Trade Ministers’ Meeting in Moscow last week, stressed that the integration of the MSMEs with the Global Value Chains is the key.

Reiterating the Jaipur Call for Action for enhancing access to information for MSMEs issued during India’s Presidency in 2023, the senior government official lauded the Russian Presidency for carrying forward the initiative by making efforts to compile certain basic information pertaining to MSMEs among the BRICS members.India’s Union Budget 2024-25 also includes several significant provisions for the MSME sector, including a new credit guarantee scheme, offering collateral-free loans to the MSME units.

At the international forum, Barthwal expressed the need to focus on key areas like exploring cooperation in the form of research and development, technology transfers and joint ventures as well as business development opportunities.

Referring to the success story of building up an open source India Stack of critical Digital Public Infrastructure (DPI) as part of its digital industrialisation following the core principles of open access, transparency, trust and respect for data protection and privacy, Commerce Secretary also expressed India’s willingness to share its experience with the BRICS countries on the e-revolution in the domains of payments, e-commerce, national identity, banking, education, etc.He also welcomed the new members of BRICS (Iran, Egypt, Ethiopia and the UAE) and congratulated them on their fruitful participation in discussions this year.

The Commerce Secretary expressed the need for strengthening the multilateral trading system with WTO at its core, effective functioning of Joint Value Chains, expanding interaction among MSMEs, India’s successful story on Digitalisation and e-commerce and the relevance of cooperation among Special Economic Zones.He also stressed the urgent need for resolving the issues including the permanent solution to Public Stock Holding, the constitution of the two-tier Dispute Settlement system, and WTO Reform to be based on the principles and objectives of WTO, leading to more responsive development requirements of emerging economies.