India-US initiative to promote SMEs
The bilateral trade between India and U.S.
clocked $65.9 billion last year and today the US is said to be India’s
largest trading partner. At present, US is the major source of Foreign
Direct Investment in India and India’s investment in the US is also
steadily growing.
Now to further boost trade and job-opportunities for U.S. and Indian small and medium enterprises (SMEs), the government of two nations have come together to launch an initiative called “Integrating U.S. and Indian Small Businesses into the Global Supply Chain on March 17.
Anand Sharma, Union Minister of Commerce & Industry and US Trade Representative, Ron Kirk, announced the launch of an initiative "Integrating U.S. and Indian Small Businesses into the Global Supply Chain".
The proposal particularly intends to accelerate trade and job opportunities for U.S. and Indian small and medium-sized companies.
Both the ministers have also signed yet another framework that is sure to push the Indo-US bilateral trade relations further. India-US Trade Policy Forum Framework for Cooperation on Trade and Investment looks forward to building on the success of the Trade Policy Forum by assisting trade and investment flows between the United States and India.
On the sidelines of the signing ceremony Sharma said by the signing of this framework we are trying to build a conducive environment that ensures that the relationship brings in maximum benefit to maximum number of people.
The framework will also help in the development and deployment of clean energy and environmental technologies that will aid India’s infrastructure and growth. In addition, considering the significant role of small and medium enterprises in our Trade and Investment agenda we would be focusing on different SME initiatives to put together fresh prospects for small and medium enterprises in both countries and help integrate them into the Global Supply Chain.
Issues relating to visas for Indian professionals, restrictive trade measures and the need to restructure US export controls helps promote high technology trade between India and the US, he further added
He also addressed a meeting of the reconstituted Private Sector Advisory Group (PSAG) to trade policy forum. The members of the group are supposed to work as implementing partners for initiatives carried out by the Trade Policy Forum, together with new small business initiative.
Sharma also met the US Agriculture Secretary Tom Vilsack, the two ministers also spoke on cooperation in the field of agriculture that could be leveraged to fortify agricultural productivity, and support agro based industry in India
Now to further boost trade and job-opportunities for U.S. and Indian small and medium enterprises (SMEs), the government of two nations have come together to launch an initiative called “Integrating U.S. and Indian Small Businesses into the Global Supply Chain on March 17.
Anand Sharma, Union Minister of Commerce & Industry and US Trade Representative, Ron Kirk, announced the launch of an initiative "Integrating U.S. and Indian Small Businesses into the Global Supply Chain".
The proposal particularly intends to accelerate trade and job opportunities for U.S. and Indian small and medium-sized companies.
Both the ministers have also signed yet another framework that is sure to push the Indo-US bilateral trade relations further. India-US Trade Policy Forum Framework for Cooperation on Trade and Investment looks forward to building on the success of the Trade Policy Forum by assisting trade and investment flows between the United States and India.
On the sidelines of the signing ceremony Sharma said by the signing of this framework we are trying to build a conducive environment that ensures that the relationship brings in maximum benefit to maximum number of people.
The framework will also help in the development and deployment of clean energy and environmental technologies that will aid India’s infrastructure and growth. In addition, considering the significant role of small and medium enterprises in our Trade and Investment agenda we would be focusing on different SME initiatives to put together fresh prospects for small and medium enterprises in both countries and help integrate them into the Global Supply Chain.
Issues relating to visas for Indian professionals, restrictive trade measures and the need to restructure US export controls helps promote high technology trade between India and the US, he further added
He also addressed a meeting of the reconstituted Private Sector Advisory Group (PSAG) to trade policy forum. The members of the group are supposed to work as implementing partners for initiatives carried out by the Trade Policy Forum, together with new small business initiative.
Sharma also met the US Agriculture Secretary Tom Vilsack, the two ministers also spoke on cooperation in the field of agriculture that could be leveraged to fortify agricultural productivity, and support agro based industry in India
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