The 6th meeting of the BRICS Trade Ministers was held on 13 October 2016 in New Delhi on the threshold of the 8th BRICS Summit on 15-16 October 2016 in Goa, India. The Meeting was preceded by the 13th meeting of the BRICS Contact Group on Economic and Trade Issues (CGETI) which was held from 11-12 October 2016. The Trade Ministers meeting made an assessment of the BRICS economic scenario in relation to areas of cooperation on trade and investment.
Here are few points which Ministers highlighted for Micro Small and Medium Enterprises (MSMEs):
1. The Ministers recognized the importance of the Micro, Small and Medium Enterprises (MSME) to the balanced economic development of the BRICS countries. The Ministers acknowledge the role of MSMEs as the engines of export-led growth and employment generation given the highest rate of employment per unit of investment in MSMEs; and their crucial role in addressing regional disparity and poverty alleviation.
2. The MSME sector in many of the BRICS economies contributes directly or indirectly to nearly half of their exports, manufacturing output and GDP.
4. The Ministers were cognisant of the impediments faced by MSMEs and the need for cooperation among the BRICS countries to effectively address the barriers to trade and investment amongst the MSMEs.
5. With a view to ensuring greater business engagement amongst MSMEs in the BRICS region, the Ministers emphasized the importance of developing cooperation among MSMEs in the crucial areas of trade and investment. This cooperation can be in the form of exchange of information on the regulatory framework, rules, regulations and good regulatory practices governing MSMEs; interface among the major chambers of commerce and industry of the MSMEs; and participation of MSME stakeholders in BRICS economic events such as trade fairs, conferences, seminars etc.
6. The Ministers welcome continued efforts to foster cooperation and facilitate exchange of experiences between BRICS countries on MSMEs. In this regard, they welcome the “BRICS Micro Small and Medium Enterprises (MSME) Cooperation Framework” which encourages MSMEs in BRICS to strengthen mutually beneficial commercial relationship. The Framework sets the agenda of cooperation on SMEs by the BRICS countries. The Ministers look forward to constructive engagement on the elements of the cooperation framework by all BRICS Members in the future.