BRICS to organise a roundtable meeting for MSMEs to strengthen trade and economy

BRICS members have agreed to hold a trade fair show, roundtable meeting of MSMEs, and two workshops on services trade statistics to further strengthen economic ties.
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BRICS (Brazil, Russia, India, China, and South Africa) members have agreed to hold a trade fair show, roundtable meeting of micro, small and medium enterprises (MSMEs), and two workshops on services trade statistics to further strengthen economic ties.

A BRICS trade fair will be held from August 16-18; roundtable on July 22, and the workshops will be held on July 16 and August 13, the commerce ministry said in a statement on Tuesday.

"To deepen and strengthen the trade and economy, following events proposed by India were agreed by the BRICS Members," it said.

It also said that of the various groups of BRICS, the Contact Group on Economic and Trade Issues (CGETI) is responsible for economic and trade matters.

The years 2020 and 2021 have been like no other for the Indian micro, small and medium enterprises (MSME) sector, which contributes about 30 percent to the country’s GDP, and is one of the largest job-creating sectors, second only to agriculture.

Moreover, small and medium businesses contribute about 48 percent to exports, making it a major revenue stream for the Indian economy. The government has been taking steps to uplift the sector since last year.

The meeting of the CGETI was held from July 12-14. During the three-day meeting, members deliberated on certain proposals circulated by India.

These proposals included BRICS cooperation on the multilateral trading system, BRICS framework for ensuring consumer the protection in ecommerce, non-tariff measures resolution mechanism, cooperation framework for protection of genetic resources, traditional knowledge, and traditional cultural expressions.

"BRICS members agreed to take forward India's proposals to finalise them before the BRICS Trade Ministers meeting to be held on 3 September 2021, to be chaired by Piyush Goyal, the Commerce and Industry Minister," it added. India is the BRICS chair for 2021.

Edited by Suman Singh

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