SMEs can help boost India-US trade to $500bn, says Amb Keshap
The US-India trade relationship continues to grow in breadth, depth and importance while resolving the challenges that small businesses face will be key to allowing the two countries’ partnership to reach new heights, says Ambassador Katherine Tai, the US Trade Representative.
“I look forward to hearing from stakeholders on the role our governments can play in democratizing economic opportunity for entrepreneurs in both of our countries,” she said at a session on ‘US-India Trade Partnership: Delivering Economic Prosperity’.
The session, organized on 26 Aug 2023 by Confederation of Indian Industry (CII) in collaboration with the US-India Business Council (USIBC), engaged business leaders and experts from large as well as small and medium companies.
“Supporting SME engagement – whether it is in standards cooperation, sustainable trade, funding and scaling, or integration in global supply chains – is the next logical step in further fortifying the dynamic trade ties between the United States and India,” elaborated Chandrajit Banerjee, Director General, CII.
“The next wave of inclusive economic growth and employment generation is sure to come from the SME sector and we must enable our small companies in both countries to connect and explore further opportunities,” he stressed.
CII President R Dinesh suggested pathways to further enhance India-US trade by making trade seamless and sustainable, investing in supply chains and harmonizing standards, and providing regulatory stability, which are critical factors for companies, whether they are large or small.
USIBC President Ambassador Atul Keshap noted that the trade ties between the US and India are robust, with SMEs playing a pivotal role. “These enterprises can help us reach our goal of US$500 billion in annual trade, and serve as vital engines for employment, value augmentation, and innovation within the bilateral dynamic.
“I am happy to see the US and Indian governments work collaboratively to help SMEs amplifying their impact, facilitate their global market entry, and strengthening enhanced knowledge networks.”
The bilateral trade relationship between the United States and India has flourished over the years, with a remarkable trade volume surpassing US$190 billion in goods and services in 2022. With the ambitious target of reaching US$500 billion on the horizon, there exists significant potential for further growth and expansion.
The discussion provided a unique platform for high-level discussions on pressing trade matters and delved into a range of issues, including current trade challenges, addressing tariff and non-tariff barriers, enhancing trade facilitation, fostering developments in cleantech and sustainable finance, unlocking opportunities in the realm of digital trade, and promoting deeper integration within global supply chains.
Of particular importance is the shared commitment to championing resilient, sustainable and inclusive trade practices and the focus on integration of Small and Medium-sized Enterprises (SMEs) in both nations, highlighting avenues for cooperation that will empower these critical economic drivers and facilitate their participation in the global marketplace. Fiinews.com
