The rising best practice in product development utilizes a highly distributed and networked development process facilitated by a fully digital product development system. The impacts of globalization have begun on the practice of product development across a broader range of service and manufacturing industries. Organizations are utilizing skilled labors spread around the world to develop products in a collaborative manner. Best practice in product development (PD) is now rapidly migrating from local, cross-functional collaboration to a mode of global collaboration. Global product development (GPD) therefore represents a major transformation for business. However, there are certain limitations of the Global product development (GPD). The problems of new product developers are compounded due to the complexity of the products and great amount of software that is embedded in many products. The non-physical nature of software systems, where intuition, experience and judgment of experts plays more important role than quantitative and measurable metrics of the traditional engineering world, increases the complexity for the global product developers.The objective of this paper is to present frameworks that can help companies addressvarious strategic and tactical issues when considering adoption of GPD combining TRIZ (Theory of Inventive Problem solving), Customer value Proposition (CVP), and Set Based Concurrent Engineering (SBCE) pioneered by Toyota. Set Based Concurrent Engineering (SBCE) as a process for developing new products has started gaining traction for global product development. However, GPD projects are finding it difficult to adapt to SBCE process where time spent in the early phases of development typically is more. We propose in this paper how TRIZ & CVP based SBCE framework will make the GPD projects efficient, more robust and faster in many different GPD scenarios.Further it is proposed that principles of SBCE as practiced by Toyota Motors are natural fit for Global Product Development. However, the SBCE principles of strategic value research and alignment, map the design space, create and explore multiple concepts in parallel, integration by intersection, and establishing feasibility before commitment, need a set of tools and techniques to create an evolving picture of the situation at a particular point of time for all stakeholders in the process of development. The TRIZ & CVP based SBCE framework specifically takes care of information complexity, structural complexity, decision complexity, organization complexity& strategic value, and customer value for product of the GPD projects. TRIZ concepts of ideality, functionality, resources and contradictions elimination are used to come up with inventive solutions to sub-system functionality. TRIZ is used to generate a set of alternatives or possible solutions to various sub-systems to be made in the design space. The number of alternatives reduces gradually as the project is executed and more clarity about the components emerges. However, the goal of SBCE is to keep the alternatives till as late as possible. TRIZ helps in creating alternatives maintaining this picture and keeping all the alternatives during the whole life cycle of the project. Further the three major types of the customer value i.e. all benefits, favorable points of differences, and resonating focus and various customer value equations are added in SBCE to quantify the absolute component of value.