Union Cabinet gives nod to India-Taipei MoU on MSME

The Union Cabinet has approved the MoU between the Taipei Economic and Cultural Center (TECC) in India and India-Taipei Association (ITA) in Taipei.

Decision in this regard was taken at Union Cabinet Meeting chaired by Prime Minister Narendra Modi in New Delhi.

Key facts of MoU

  • Promote the cooperation between the Micro, Small & Medium Enterprises (MSME) between the two signatory parties.
  • Provide a structured framework and favourable environment to the MSME sector of the two parties in order to understand each other’s strengths, technologies, policies, markets etc.
  • Contains an agreement to enable their respective MSMEs to participate in each other’s trade fairs and exhibitions in order to exchange business delegations with the other Party.
  • It does not contain any financial, legal or political commitment on the part of either signatory party.

Background

In the era of globalization and liberalization, maintain and increasing MSME share in the total export in GDP of the country is a big challenge as this sector has registered consistently higher growth rate. This sector also has shown admirable innovativeness and adaptability to survive the recent economic crisis with its agility and dynamism.

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Categories: Business & Economy Current Affairs 2017

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