BRICS’ New Delhi Declaration gives the business community of the Global South something rare

Source: Livemint | Original Published At: 2026-09-16 07:03:39 UTC

Key Points

• The BRICS New Delhi Declaration emphasizes private-sector participation through mechanisms such as the BRICS Business Council and the Women’s Business Alliance.
• It prioritizes industrialization and value addition through the Partnership on the New Industrial Revolution, the BRICS Incubator Network, a proposed Startup Innovation Fund, and working groups on photovoltaics and intelligent manufacturing.
• The declaration commits BRICS to broader and more equitable participation of developing countries in higher-value-added segments of global manufacturing, supported by the forthcoming BRICS Global Value Chain Action Plan for 2026–2030.
• It includes MSME-focused measures such as credit assessment principles, the inaugural BRICS SME Forum in Agra, an invoice discounting mechanism under the Jaipur Consensus, and a proposed BRICS MSME Cooperation Portal.
• The declaration proposes financial infrastructure initiatives including multilateral guarantees, a BRICS Risk Lab at India’s Gift City, and work by the BRICS Payment Task Force on interoperable low-cost cross-border payments.
• It advances science, technology, and digital cooperation through the Chennai Consensus, a proposed Science and Research Repository, and sovereign but interoperable digital public infrastructure.
• It calls for reform of Bretton Woods institutions, support for a rules-based WTO with special and differential treatment for developing members, and opposition to unilateral tariffs and non-tariff barriers.