Commerce ministry to set up trade promotion bodies in 15 countries: Suresh Prabhu

The minister said that Global Value Chains (GVCs) are specifically significant for SMEs as they provide them the opportunity to contribute to exports without bearing the setup costs.

Union Minister of Commerce & Industry and Civil Aviation Suresh Prabhu said his ministry is examining the proposal to set up trade promotion bodies in 15 countries to promote exports of small and medium enterprises (SMEs) from India. 
 
Suresh Prabhu was speaking at the inaugural session of the 15th Global SME Business Summit in New Delhi on Tuesday.
 
He said commerce ministry is committed towards the growth of the SMEs that are the pivot of the overall economic growth of the country. The minister spoke about the changes in trade regimes globally and establishment of new trade routes based on availability of labour and skill. 
 
The minister said that Global Value Chains (GVCs) are specifically significant for SMEs as they provide them the opportunity to contribute to exports without bearing the setup costs.
 
"The concept of trade has been changing where larger enterprises increasingly rely on outsourcing the manufacturing activities. This practice has proved quite advantageous to the MSMEs where they can participate in the exports through manufacturing of intermediate products."
 
Suresh Prabhu further stated that the commerce ministry is also working on a comprehensive strategy to boost the MSME sector by granting new patents in record time. 
 
New Intellectual Property regime is being launched to strengthen the IPRs of Indian MSMEs as well as protecting IPRs of the other countries.

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