India on Friday successfully concluded the 16th BRICS Trade Ministers’ Meeting in Jaipur under its BRICS Chairship 2026, with member countries endorsing a series of initiatives aimed at strengthening the multilateral trading system, improving access to trade finance for micro, small and medium enterprises (MSMEs), and building resilient global value chains.
Chaired by Union Commerce and Industry Minister Piyush Goyal, the meeting brought together trade ministers and senior officials from all BRICS member countries under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.” Minister of State for Commerce and Industry Jitin Prasada and Commerce Secretary Rajesh Agrawal also attended the meeting.
The ministers adopted the Chair’s Statement and Outcome Document, comprising four annexes, and commended India’s leadership in advancing work towards the proposed Strategy for BRICS Economic Partnership 2030, which will be submitted to BRICS leaders for endorsement at the upcoming summit.
Addressing the meeting, Goyal reiterated India’s commitment to safeguarding the interests of farmers and ensuring food and livelihood security. He called for a development-oriented, consensus-based multilateral trading system with the World Trade Organization (WTO) at its core, while emphasising the need to preserve Special and Differential Treatment provisions for developing countries and restore a fully functioning two-tier dispute settlement mechanism.
The minister also outlined India’s priorities during its BRICS Chairship, including strengthening the multilateral trading system, developing resilient and diversified global value chains, expanding internationalisation of MSMEs through improved trade finance, and facilitating the seamless flow of digitally delivered services across borders.
MoS Prasada welcomed delegates to Jaipur and highlighted that BRICS cooperation, guided by Prime Minister Narendra Modi’s vision of “Humanity First”, places people at the centre of economic development. He stressed that greater intra-BRICS trade should create opportunities for MSMEs, women-led enterprises and young entrepreneurs across developing economies.
One of the key outcomes of the meeting was the adoption of the Jaipur Consensus, under which BRICS members agreed to study the feasibility of a BRICS Invoice Discounting Mechanism aimed at improving access to trade finance for small businesses. The ministers also adopted Guiding Principles for Credit Assessment Frameworks for Export-Oriented MSMEs, enabling financial institutions to assess enterprises based on cash flows rather than traditional collateral requirements. These measures are intended to address the estimated global trade finance gap of nearly USD 2.5 trillion, which disproportionately affects smaller businesses.
The meeting also approved a Workplan on the Internationalisation of MSMEs, designed to improve global market access for small enterprises across BRICS countries.
To strengthen industrial cooperation, ministers adopted the BRICS Shared Understanding on Global Value Chains, which includes the Global Value Chains Action Plan 2026–2030. The plan envisages the establishment of a BRICS Technical Council, the BRICS Connect initiative, joint studies on value chains, and the exploration of strategic supply chain and investment promotion platforms in sectors such as pharmaceuticals and food security.
Another important outcome was the adoption of the BRICS Principles to Facilitate Digitally Delivered Services Across Borders, aimed at promoting secure digital trade and expanding cooperation in services among member countries.
The ministers also reviewed progress on the proposed Strategy for BRICS Economic Partnership 2030, which covers cooperation in trade, investment, digital economy, innovation, financial collaboration and sustainable development. The strategy is expected to provide a long-term roadmap for economic cooperation within BRICS.
The meeting concluded with member countries expressing appreciation for India’s leadership and hospitality during its BRICS Chairship. India said the outcomes reaffirm its commitment to an open, inclusive, transparent and rules-based global trading system while supporting the country’s vision of Viksit Bharat 2047 and promoting shared prosperity among emerging economies.
