Schedule a Call Back
India explores free trade agreements to boost MSMEs' global procurement access
Industry News- Nov 09,23
Many countries prioritise MSMEs in their public procurement, and India also supports its MSMEs by offering special purchase preferences.
Commerce Secretary Sunil Barthwal announced that India is exploring various avenues, including free trade agreements, to facilitate the participation of domestic micro, small, and medium enterprises (MSMEs) in public procurement processes across different countries. He highlighted that public procurement accounts for a significant portion, approximately 10-15%, of any country's GDP, amounting to around $10-15 trillion in value. Many countries prioritise MSMEs in their public procurement, and India also supports its MSMEs by offering special purchase preferences.
Barthwal emphasised the importance of leveraging free trade agreements to enable Indian MSMEs to access public procurement opportunities in other countries while also allowing MSMEs from different nations to participate in India's procurement processes. He cited examples such as the India-UAE free trade pact, which grants UAE-based firms access to Indian government procurement contracts valued over Rs 200 crore on equal terms with Indian companies. Additionally, negotiations are underway for the government procurement chapter in the proposed India-UK trade pact.
Barthwal highlighted the significance of integrating MSMEs into global supply chains, stressing that 70% of global trade occurs within these chains, presenting substantial opportunities for businesses.
Source: Business Standard
India
Free Trade Agreements
MSMEs
Public Procurement
Global Access
Commerce Secretary
Government Contracts
International Trade
Sunil Barthwal
Related Stories
Electrical & Electronics
Analysing India’s clean energy goals: Kumar Shivam
India's clean energy ambitions are among the most aggressive globally and success in this arena is not only crucial for the country’s own sustainable development but also pivotal for global climat..
Read moreSmart Manufacturing
India eyes $3 trillion industrial opportunity by 2035
Omniscience Capital emphasised that higher domestic consumption—fuelled by rising per capita income—and India’s target of $1 trillion in merchandise exports by 2030 will be major growth driver..
Read moreIndustrial Safety & Security
Enhancing safety in high-risk industries: Suresh Tanwar
Similarly, it is crucial to invest in the training of the workforce and safety awareness. Safety must commence on the first day of employment, irrespective of the type of job or contract, remarks Su..
Read moreRelated Products
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
