Commerce Secretary Calls For MSME Collaboration At BRICS Trade Ministers' Meeting

New Delhi, Jul 29 (KNN) In a recent gathering of BRICS Trade Ministers, India's Commerce Secretary Sunil Barthwal emphasised the critical need for collaborative efforts to support micro, small, and medium enterprises (MSMEs) across the BRICS nations.

The 14th BRICS Trade Ministers' Meeting, held under the Russian Federation's presidency, saw Barthwal advocating for a range of economic and trade initiatives.

Barthwal underscored the importance of MSMEs, describing them as ‘the backbone of the overall industrial ecosystem and economic growth’ in BRICS countries.

He called for ‘outcome-oriented support’ through cooperation and collective action to bolster this vital sector.

The Commerce Secretary outlined several key areas for focus, including strengthening the multilateral trading system with the World Trade Organisation (WTO) at its core, enhancing the effectiveness of joint value chains, expanding interactions among MSMEs, leveraging India's digitalisation and e-commerce successes, and fostering cooperation among Special Economic Zones.

Barthwal reiterated the ‘Jaipur call for action,’ an initiative from India's 2023 BRICS presidency aimed at improving information access for MSMEs.

He commended Russia's efforts to compile essential MSME-related data among BRICS members. The Indian representative also stressed the need for cooperation in research and development, technology transfers, and joint ventures to support MSME growth.

On the multilateral front, Barthwal called for resolution of longstanding WTO issues, including development concerns and special and differential treatment for developing economies.

Specific WTO reforms proposed included finding a permanent solution to public stockholding issues, establishing a two-tier dispute settlement system, and implementing at least 30 operational improvements before the WTO's 30th anniversary in 2025.

Additionally, Barthwal advocated for strengthening supply chain resilience through decentralisation and diversification.

He promoted the concept of paperless trade and the digitalisation of key documents like bills of lading.

Highlighting India's success in developing digital public infrastructure, Barthwal expressed willingness to share India's experiences in digital transformation across various sectors with other BRICS nations.

The meeting underscored the BRICS bloc's commitment to enhancing economic cooperation and supporting key sectors like MSMEs in an increasingly digital global economy.

Through these discussions and proposals, the BRICS nations aim to foster a more inclusive and resilient economic landscape for their member countries and beyond.

(KNN Bureau)