MSMEs key focus in proposed FTAs with major Western countries

Chennai, Mar 17 (KNN) The bilateral talks for the Free Trade Agreements (FTAs) with the UK, Canada and EU will have MSMEs as the major area of focus, said L Satya Srinivas, Additional Secretary, Department of Commerce on Thursday.

“Government of India said, one-fourth of the country's exports, which was to the tune of USD 422 billion in FY22, was from the engineering sector,” he said at the inauguration of the International Engineering Sourcing Show in Chennai.

He noted that there is a realignment happening in the global trade and India has a great opportunity to cash in on.

“FTAs with the UK, Canada and EU are in the pipeline,” he said, adding that one of the focus areas will be the MSMEs, which is the strength of India. He further emphasised that the global agencies are underscoring that India is in a bright spot. “The pandemic has proved that we can stay afloat and the spirit must continue,” Srinivas said.

Tamil Nadu has contributed USD 16 billion out of the USD 112 billion exports in the engineering sector in the previous fiscal of 2021-22, said Tamil Nadu MSME Minister T M Anbaras.

He emphasised on the role of MSMEs in production and exports is crucial in making Tamil Nadu a USD 1 trillion economy.

He said, the state government will extend all necessary support for the purpose.  (KNN Bureau)