Commerce Ministry Unveils New Trade Platform for MSMEs, Calls it ChatGPT for Traders

The Ministry of Commerce and Industry launched an e-platform named Trade Connect on Wednesday (September 11) to involve more small and medium enterprises in trade and export.

Trade Connect has been designed as a one-stop hub to help traders and exporters connect with key entities like the Department of Commerce, Export Promotion Councils, Indian Missions abroad and Exim Bank. Through the platform, small businesses can access government support and global opportunities to expand their reach. 

"It is all about accessibility of various information and data. It is single window and transformational. It is fast, futuristic, accessible, single window and transformational," said Union Minister Piyush Goyal while speaking at the event. 

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The ministry clarified that the platform has been launched to encourage medium- and small-scale industries from various corners of the country. Currently, micro-, small- and medium-enterprises (MSMEs) account for 45 per cent of the country's total exports.

With this launch, the ministry aims to increase the participation of MSMEs in the export. Goyal added, "The global trade is in a paralytic situation but this is our effort to increase India's market share in the world."

Speaking at the event, Sunil Barthwal, secretary, Department of Commerce, said, "Information was available at different levels. There was a DGFT [Directorate General of Foreign Trade] portal; we had the Invest India portal. So information was available, but it was very, very scattered. And there was no single portal where exporters could go and find details that they were looking for. So this is going to be the ChatGPT for our exporters. This is also our endeavor to demystify trade business."

Additionally, this portal aims to link over 6 lakh import-export code holders, over 180 officials from Indian missions. Further, it will also link more than 600 officials from the Export Promotion Council. The portal will contain information on free trade agreements, country-specific customs tariffs and rules, products and more.