New Delhi: The trade ministers of BRICS countries on Friday highlighted the need for opening up markets, economic diversification among the member nations, and the internationalization of micro, small and medium enterprises (MSMEs).
Under the newly adopted ‘Jaipur Consensus’, the ministers agreed to study a BRICS invoice discounting mechanism and established credit-assessment guidelines for export-focused MSMEs. These guidelines evaluate companies based on cash flow rather than physical assets or collateral, aiming to narrow a $2.5 trillion global trade finance gap that heavily impacts smaller businesses.
The official statement highlighted a workplan on global value chains (GVCs) that establishes an action plan for 2026-2030. Key measures include forming a BRICS Technical Council, launching the ‘BRICS Connect’ initiative, and conducting joint supply chain studies. Additionally, member nations are exploring strategic investment and supply chain platforms focused on critical sectors like pharmaceuticals and food security.
Economic partnership
Another outcome of the meeting was the progress towards finalization of the strategy for BRICS Economic Partnership 2030, spanning the multilateral trading system, trade in services, the digital economy, industry, innovation and technology, trade and investment, financial cooperation and sustainable development. Ministers agreed to submit the Strategy, together with the priorities to the BRICS leaders for endorsement.
The 16th BRICS trade ministers' meeting concluded on Friday in Jaipur under India's chairship. The meeting was chaired by Piyush Goyal, union minister of commerce and industry, and was attended by Jitin Prasada, union minister of state for commerce and industry, and Rajesh Agrawal, the commerce secretary. Held under the theme, ‘Building for Resilience, Innovation, Cooperation and Sustainability’, the meeting was preceded by the third meeting of the BRICS Contact Group on Economic and Trade Issues (CGETI), held on 3 and 4 August 2026 in New Delhi.
The meeting brought together trade ministers, vice ministers, heads of delegation and officials from the BRICS member countries. The visiting dignitaries included Marcio Fernando Elias Rosa, minister of state for development, industry, commerce and services of Brazil; Li Chenggang, China International Trade Representative and vice minister of commerce of China; Mohamed Farid Saleh, minister of investment and foreign trade of Egypt; Molalign Asfaw Ayana, ambassador of Ethiopia; Budi Santoso, minister of trade of Indonesia; Mohammad Sadegh Mofatteh, first deputy minister of trade and industry of Iran; Vladimir Evgenievich Ilichev, deputy minister of economic development of Russia; Parks Franklyn Mpho Tau, minister of trade, industry and competition of South Africa; and Thani bin Ahmed Al Zeyoudi, minister of foreign trade of the United Arab Emirates.
