Commerce Secretary inaugurates India’s Trade Symposium organised

Commerce Secretary, Ms. Rita Teaotia, expressed the importance of linking Indian MSMEs with the global value chains to reverse the downward trend in India’s export.

She said this while inaugurating the India’s Trade Symposium on 29th June, 2016 at the Hotel Taj Palace, New Delhi, organised jointly by Commonwealth Secretariat, London, and FISME the leading federation of Indian MSMEs.

Commenting on the need for India to develop its own Global Value Chains Ms. Rashmi Banga, Head of Trade Competitiveness Section in the Commonwealth Secretariat, London, mentioned that 35 unique Lead Products have already been identified by the Secretariat for India having potential to develop into Global Value Chains. Some of them are Cut and polished Diamond and Jewellery, Readymade Garments, Carpets, Hand tools, Leather Goods, Dyes, Furnishings, Processed Cashew nuts etc.

The symposium being held on 29th and 30th June, 2016, is focused towards linking Indian MSMEs with the global value chains leveraging on the availability of inputs at competitive terms from the least developed countries (LDCs) of Asia and Africa.

The Symposium is being attended by over 35 international delegates from Kenya, Ethiopia, Tanzania, Uganda, Malawi, Zambia, Rwanda, Bangladesh and Sri Lanka, besides leading Indian businesses.

Stressing on the importance of Indian exporters developing backward linkage with the Least Developing Countries (LDCs) of Asia and Africa, Ms. Teotia, in her address mentioned that the Duty Free Quota provided in the Foreign Trade Policy 2015, for import from LDCs, should be leveraged by the Indian exporters for supply to global Brands at competitive prices.

In his welcome address Dr. Sangam Kurade, President FISME, stressed on developing global value chains by Indian exporters to survive in the global economic turmoil. A country of India’s size and potential cannot afford to be drowned by the global trends, in fact we need to set the trends, he opined.

The two day interactive programme will be addressed by Mr KK Jalan Secretary, Ministry of MSME; Minister of Industrialisation and Trade of African countries, besides senior officers from the Ministry of Commerce and Indian and African think tanks on trade and commerce.

At the symposium, the scope for starting India’s Commonwealth SME Association will also be discussed. This Association will provide a sustainable platform where the Indian firms can connect to the SMEs in LDCs and the region in order to source inputs for their lead products.

The Trade Competitiveness Section (TCS) of the Commonwealth Secretariat, London, provide technical assistance to Commonwealth countries to improve their export competitiveness through capacity building in trade promotion. TCS also focuses on activities such as export and sectoral strategy development. It also assists member countries to be in sync. with global and mutual standards and negotiate mutual agreement on recognition of standards.

FISME the lead coordinator of the Symposium is the apex federation of more than 200 MSME Associations spread all over India. Opening new market opportunities for Indian MSMEs is the core objective of FISME and in pursuit of the same it developed synergic activities with leading global developing agencies like Commonwealth Secretariat, German Development Agency (GIZ), UN Trade Development bodies (UNCTAD) etc. FISME has also signed MoU with SME federations of more than 25 countries.