Commerce Ministry to set up trade promotion bodies in 15 countries – Suresh Prabhu

Union Minister of Commerce &Industry and Civil Aviation, Suresh Prabhu,said that the Ministry is examining the proposal to set up trade promotion bodies in 15 countries to promote exports of SMEs from India. Suresh Prabhu was speaking at the inaugural session of the 15th Global SME Business Summit in New Delhi today.

The Ministerinformed the participants of the Summit about the commitment of the Ministry of Commerce and Industry towards the growth of the SMEs that are the pivot of the overall economic growth of the country. The Minister spoke about the changing of trade regimes globally and establishment of new trade routes based on availability of labour and skill. Suresh Prabhu said thatGlobal 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