Question

a) Identify one (1) trade agreement your country as a member of CARICOM is signatory to and discuss whether this agreement has benefited firms of your home country and how.

b) Discuss four (4) programs/policies instituted by your Government to enable the growth of Small and Medium-Sized Enterprises (SMEs) in order to allow them to participate in international trade?

Answer 1

a) India has trade relation between Caribbean countries from 19th century. India signed trade agreement with CARICOM Development Fund (CDF) in 2019. This agreement focused on technical and financial assistance to countries within the community such as development of renewable energy through increasing its efficiency, providing infrastructural to encourage investment level, encouraging medium and small enterprises and also the development of human resources. Distribution of infrastructure makes huge impact in both the economy. India adopts and import several resources from Caribbean community for making proper development strategies. This encourages the domestic firms in India regarding the need of resources. This also increases the employment level and increase the level of production of each firm. Most of the firms tried to adopt different production methods to attract foreign investors and customer also.  
b) (i) Udyog Aadhar Memorandum/ National Portal for Registration of MSMEs; this programme encourage online documenting of business people and also simplify the enrolment procedure through online interface. This improves the participation of foreign investors through single screening online mode.
(ii) Scheme of Fund for Regeneration of Traditional Industries; this include Khadi and Village industries to enhance their traditional attitude through use of new methods of production. Most of the foreign markets were attracted towards these traditional products and make a better place in international market. There is high level trading also increased in this field.  
(iii) Technology Centre System Programme; advancement in the small and medium sectors using new technologies increased the level of production and enhance the products to compete in the international market.
(iv) MUDRA Bank; set up under the Pradhan Mantri Mudra Yojana for the development of financial background of the small and medium enterprises. This gives credit and financial assistance to small business people and also encourages the firms to trade with foreign countries. The high level production using this financial assistance helps the firms to import their products to foreign countries.