The two day Commonwealth SME Trade Summit was inaugurated by Commerce Secretary Rita Teotia in New Delhi on May 30. First of its kind, the summit is aimed at bringing 400 plus SMEs under one roof to boost trade and enhance investment partnerships among the Commonwealth members.
“India grows its economy between 7.1-7.5 per cent annually even with economic slowdown within the world. The aim is to achieve more through SMEs by collaborating with partners. Global giants cannot be the only option for growth and competitiveness. Small companies can play their roles and fix our country’s economies. It is important to frame an enabling policy for small and medium enterprises. It is important to liberalise trade and services sector,” said the Commerce Secretary.
World trade expanded by 1.7 per cent in 2016, which was significantly lower than its last few decades’ growth of 6 per cent.
“The world is changing and it’s our time to change with it. The commonwealth has have never been more important. International collaboration is the key. Commonwealth countries import $2 trillion. The Commonwealth Secretariat is keen to help increase intra-Commonwealth trade from existing 14 to 25 per cent by 2020,” said Commonwealth DSG Deodat Maharaj, encouraging Commonwealth ties in Asia and beyond through trade.
The Commonwealth Secretariat is also keen to see SMEs in developing states benefit from business opportunities generated by renewable.
The Joint Secretary of Department of Commerce urged member countries in Commonwealth to promote education, health and tourism among themselves to boost growth and employment. He also said services sector will play more important role in future growth.
India–Commonwealth SME Association (ICSA)’s Advisory Board member Yassin Awale announced that Kenya will host the next Commonwealth SME trade summit.
“Every strong economy is driven by SMEs and they are the unsung heroes. The future of Intra-Commonwealth trade lies within the growth of these enterprises. Governments are compelled to support in order to thrive”, said Awale.
