UK-India launches first cross-border MSME exchange scheme

“Prime Minister Rishi Sunak and Prime Minister Narendra Modi have reiterated the tremendous opportunities that closer trade and investment ties offer to British and Indian businesses and consumers. Our investment relationship already supports nearly half a million jobs in their respective economies. Creating direct links between growing companies from both countries will take us further. I congratulate Tide on his contribution to the India-UK success story,” said Ellis.

In addition, Oliver Prill, CEO of Tide, praised India and the Indian market, stating, “We are very excited about the Indian market and Tide is committed to promoting small businesses and the MSME exchange program is a big step in that direction. We know that small business owners in India and the UK have cemented ambitions, including exporting their goods and services between the two countries that share historic ties. The MEP will provide an exchange of ideas and know-how that small business owners from both countries can translate into concrete actions.”

The MSME exchange program is an industry first initiative by all fintech companies operating in the Indian MSME ecosystem. MEP will enable smaller entrepreneurs to broaden and sharpen their business knowledge and ultimately grow their business.

MEP targets, new businesses and new digital micro-entrepreneurs in both countries. Tide aims to unlock opportunities for millions of existing and aspiring entrepreneurs, including those looking to export to and from India and the UK.

Asked about the completion of the Free Trade Agreement (FTA), Deputy Trade Commissioner for Investments for South Asia Anna Shotbolt said: “Negotiations are underway in London…two Prime Ministers spoke a week ago and we must stress our commitments to the FTA,” She said.

On February 10, 2023, the UK and India concluded the seventh round of talks for an India-UK Free Trade Agreement.

In 43 separate sessions, technical discussions were held in 11 policy areas. They included detailed discussions on draft treaties in these policy areas.

The eighth round of negotiations is scheduled to take place this spring.

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