At the 14th BRICS Trade Ministers’ Meeting in Moscow last week, Sunil Barthwal, Commerce Secretary, emphasized on the need for collective efforts to provide outcome-oriented support for MSMEs, which form the backbone of the industrial ecosystem and drive economic growth.
Emphasising on the importance of integrating MSMEs into Global Value Chains (GVCs), Barthwal reiterated the ‘Jaipur Call for Action issued during India's BRICS Presidency in 2023, which focused on enhancing access to information for MSMEs. He also praised the Russian Presidency for its efforts to compile essential information about MSMEs among BRICS members.
He emphasised, international cooperation in areas such as research and development, technology transfers, joint ventures, and business development opportunities are keys to supporting MSMEs.
Further, referring to India's success in developing an open-source India Stack of critical Digital Public Infrastructure (DPI),Barthwal expressed India's willingness to share its experience with BRICS countries in areas like digital payments, e-commerce, national identity, banking, and education.
He highlighted the need for strengthening the multilateral trading system with the World Trade Organisation (WTO) at its core. He also stressed the importance of effective functioning of Joint Value Chains, expanding MSME interactions, and leveraging India's success in digitalisation and e-commerce. Additionally, he emphasised the relevance of cooperation among Special Economic Zones (SEZs).
The BRICS Trade Ministers' Meeting underscored the critical need for collaboration and support for MSMEs within the BRICS countries. By focusing on key areas such as integration into GVCs, digital infrastructure, and international cooperation, BRICS nations aim to bolster the MSME sector, driving economic growth and industrial development.
