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Informist, Saturday, Aug. 8, 2026

MUMBAI – India Friday secured consensus among BRICS trade ministers on a host of trade outcomes that reaffirmed support for the multilateral trading system with the World Trade Organization and gave push for small business entrepreneurs, the commerce ministry said in a press release Friday. 

The outcomes were adopted at the 16th BRICS trade ministers' meeting in Jaipur. The meeting was chaired by Commerce Minister Piyush Goyal and attended by Minister of State for Commerce Jitin Prasada and Commerce Secretary Rajesh Agrawal. Trade ministers, vice ministers, heads of delegation and officials from the BRICS member countries were also part of the meeting. BRICS group comprises 11 countries--Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and the UAE.

Trade ministers of the member countries issued the Jaipur Consensus, a key outcome of the meeting, to study a BRICS Invoice Discounting Mechanism and adopted the guiding principles for credit assessment frameworks for export-oriented micro, small and medium enterprises, so that a firm is judged by its cash flow and not by its assets and collateral. "These instruments respond directly to the global trade finance gap of about $2.5 trillion which impacts smaller enterprises and therefore form part of the Workplan on the Internationalisation of MSMEs," the release said.

The meeting backed for a rules-based multilateral trading system with the World Trade Organization at its core and called for preserving special and differential treatment for developing countries. It also batted for the restoration of a fully functioning, two-tier and binding World Trade Organization dispute-settlement system while recognising the need for policy space for developing economies for their food and livelihood security.

Ministers also advanced the opening of markets and economic diversification among BRICS Members, adopting a Global Value Chain Action Plan 2026-30, including initiatives like BRICS Technical Council, BRICS Connect, a joint study on BRICS global value chain, and the possibility of establishing strategic supply chain and investment promotion platform including in pharmaceutical sector as well as food security.

The meeting placed services and value chains at the frontier of the next decade of BRICS cooperation along with the pursuit of balanced and expanding trade among members. Another outcome was the progress towards finalisation of the 'Strategy for BRICS Economic Partnership 2030'. End

US$1 = INR 95.21

Reported by Pratiksha

Edited by Akul Nishant Akhoury

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