SMEs take centerstage in India-US Trade cooperation: CII and USIBC Host Industry Session with Honorable Katherine Tai, U.S. Trade Representative

The Confederation of Indian Industry (CII) in collaboration with the US-India Business Council (USIBC) announced a collaboration in organizing an industry session on 'US-India Trade Partnership: Delivering Economic Prosperity' featuring Ambassador Katherine Tai, United States Trade Representative (USTR). 

Engaging with business leaders and experts from large as well as small and medium companies, Ambassador Katherine Tai, U.S. Trade Representative, said: “The U.S.-India trade relationship continues to grow in breadth, depth, and importance. Resolving the challenges that small businesses face will be key to allowing our partnership to reach new heights. 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.”

“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. 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,” said Chandrajit Banerjee, Director General, CII. 

R Dinesh, President, CII 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.

Ambassador Atul Keshap, President, USIBC, remarked, Trade ties between the U.S. and India are robust, with SMEs playing a pivotal role. These enterprises can help us reach our goal of $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 U.S. 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 $190 billion in goods and services in 2022. With the ambitious target of reaching $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. 

26 August 2023

New Delhi