Jaipur: India on Friday successfully concluded the 16th BRICS Trade Ministers’ Meeting in Jaipur under its BRICS Chairship 2026, with member countries agreeing on several key initiatives aimed at strengthening global trade, supporting small businesses and protecting the interests of developing economies.
The meeting ended with the adoption of the Chair’s Statement and Outcome Document, which includes four annexes covering trade reforms, MSME financing, global value chains and digitally delivered services.
India pushes for fair global trading system
Union Commerce and Industry Minister Piyush Goyal chaired the meeting, which was attended by Minister of State for Commerce and Industry Jitin Prasada, Commerce Secretary Rajesh Agrawal and trade ministers and senior officials from all BRICS member countries.
Speaking at the meeting, Goyal said India remains committed to a reformed and development-focused multilateral trading system with the World Trade Organization (WTO) at its core.
He stressed the need to protect the interests of India’s farmers, safeguard food and livelihood security, and preserve Special and Differential Treatment for developing countries within the global trading system.
The minister also called for restoring a fully functioning two-tier dispute settlement system under the WTO.
Roadmap for stronger BRICS partnership
BRICS members appreciated India’s leadership in moving closer to finalising the Strategy for BRICS Economic Partnership 2030.
The proposed strategy covers trade, investment, digital economy, innovation, financial cooperation, sustainable development and trade in services. Member countries agreed to place the strategy before BRICS leaders for endorsement.
Big boost for MSMEs
One of the major outcomes of the meeting was a stronger push to improve access to finance for micro, small and medium enterprises (MSMEs).
The ministers adopted the Jaipur Consensus to examine a BRICS Invoice Discounting Mechanism. They also approved the Guiding Principles for Credit Assessment Frameworks for Export-Oriented MSMEs.
The framework aims to assess businesses based on their cash flow rather than the value of their assets or collateral. The move is expected to help bridge the global trade finance gap, estimated at around USD 2.5 trillion, which continues to affect small businesses worldwide.
These measures form part of the Workplan on the Internationalisation of MSMEs, adopted as Annex-II.
Strengthening global value chains
The meeting also focused on making supply chains more resilient and expanding trade among BRICS countries.
Annex-III includes the Global Value Chain (GVC) Action Plan 2026-2030, which proposes initiatives such as a BRICS Technical Council, BRICS Connect and a joint study on global value chains.
The plan also explores the possibility of creating a strategic supply chain and investment promotion platform, including for the pharmaceutical sector and food security.
Cooperation in digital trade
The ministers adopted the BRICS Principles to Facilitate Digitally Delivered Services Across Borders under Annex-IV.
The framework aims to promote safe and secure digital trade while encouraging greater cooperation in cross-border services.
The meeting also supported balanced trade among BRICS members and greater trade in services over the coming years.
Delegates praise India’s leadership
The meeting was held under the theme, ‘Building for Resilience, Innovation, Cooperation and Sustainability.’
It followed the Third Meeting of the BRICS Contact Group on Economic and Trade Issues, held in New Delhi on August 3 and 4.
Trade ministers, vice ministers and senior officials from Brazil, China, Egypt, Ethiopia, Indonesia, Iran, Russia, South Africa and the United Arab Emirates attended the discussions.
Earlier in the day, the visiting delegates toured Jaipur’s historic City Palace and experienced Rajasthan’s cultural heritage and traditional crafts.
Focus on inclusive growth
Welcoming the delegates, Minister of State for Commerce and Industry Jitin Prasada said BRICS cooperation, guided by Prime Minister Narendra Modi’s vision of ‘Humanity First’, places people at the centre of development.
He said the real strength of BRICS trade lies in supporting MSMEs, women-led businesses and young entrepreneurs across developing economies.
The meeting concluded with Commerce Secretary Rajesh Agrawal presenting the summary on behalf of the Indian Chairship, while the participating ministers thanked India for its hospitality and leadership during BRICS 2026.
The outcomes of the meeting reinforce India’s commitment to an open, transparent, inclusive and rules-based multilateral trading system with the WTO at its core, while supporting the country’s vision of Viksit Bharat@2047.