India eyes free trade deals to boost MSMEs' access to Global Public Procurement

Posted under: MSME
Date: 2023-11-07
India eyes free trade deals to boost MSMEs' access to Global Public Procurement

India is exploring avenues, such as free trade agreements (FTAs), to facilitate the participation of domestic Micro, Small, and Medium Enterprises (MSMEs) in the public procurement processes of foreign countries, as stated by Commerce Secretary Sunil Barthwal. Public procurement constitutes a significant portion of a country's GDP, accounting for around 10-15%, which could be valued at approximately USD 10-15 trillion. Various nations prioritize MSMEs in their public procurement, and India also supports them through special purchase preferences. The government is actively seeking ways for Indian MSMEs to access public procurement opportunities in different countries through FTAs, fostering reciprocal access for foreign MSMEs in India. The India-UAE free trade agreement already allows UAE-based companies to bid on government procurement contracts in India, while similar provisions are under negotiation in the proposed India-UK trade pact.

Read more at: www.telegraphindia.com