The Union Cabinet on 14 October 2015 approved the Memorandum of Understanding (MoU) between the India-Taipei Association (ITA) in Taipei and Taipei Economic and Cultural Center (TECC) in India. The memorandum was signed for the cooperation in the field of Micro, Small and Medium Enterprises (MSME).
The memorandum provides a structured framework and enabling environment to the MSME sector of the two parties to understand each other's strengths, markets, technologies, policies etc.
The MoU also includes an agreement between the two parties to enable their respective MSMEs to participate in each other's trade fairs/exhibitions and to exchange business delegations with the other party. The agreement will eventually help the parties understand the policy and explore markets so that joint ventures, tie-ups, technology transfer etc. could take place.
However, the memorandum does not involve any financial, legal or political commitment on the part of either party.
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Who: Union Cabinet
When: 14 October 2015