The importance of developing cooperation among micro, small and medium enterprises (MSMEs) in the crucial areas of trade and investment was emphasised at the 6th meeting of the BRICS trade ministers held in New Delhi. The trade ministers meeting was preceded by the 13th meeting of the BRICS Contact Group on Economic and Trade Issues (CGETI).
The cooperation among MSMEs can be in the form of exchange of information on the regulatory framework, rules, regulations and good regulatory practices governing MSMEs, interface among the major chambers of commerce and industry of the MSMEs and participation of MSME stakeholders in BRICS economic events such as trade fairs, conferences, seminars etc. a communique issued at the end of trade ministers meeting said.
The MSME sector in many of the BRICS economies contribute directly or indirectly to nearly half of their exports, manufacturing output and GDP. The ministers acknowledged the role of MSMEs as the engines of export led growth and employment generation given the highest rate of employment per unit of investment in MSMEs; and their crucial role in addressing regional disparity and poverty alleviation.
The ministers welcomed continued efforts to foster cooperation and facilitate exchange of experiences between BRICS countries on MSMEs. In this regard, they welcomed the ‘BRICS Micro Small and Medium Enterprises (MSME) Cooperation Framework’ which encourages MSMEs in BRICS to strengthen mutually beneficial commercial relationship. The Framework sets the agenda of cooperation on SMEs by the BRICS countries.
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