India-led BRICS meeting backs MSME finance plan, reaffirms food security stance

Source: Moneycontrol | Original Published At: 2026-08-07 13:31:15 UTC

Key Points

• BRICS trade ministers adopted a joint declaration supporting a WTO-centred multilateral trading system, special and differential treatment, and policy space for food security and public stockholding.
• The 16th BRICS Trade Ministers' Meeting was held in Jaipur under India's chairship and focused on resilience, cooperation, and reform in the global trading system.
• Ministers approved measures to improve trade finance for micro, small and medium enterprises, including the Jaipur Consensus to study a BRICS Invoice Discounting Mechanism.
• Guiding principles for credit assessment frameworks for export-oriented MSMEs were adopted to help lenders assess firms based on cash flows and confirmed orders.
• A global value chains work plan for 2026-2030 was adopted, including a BRICS Technical Council, cooperation among Special Economic Zones, and greater digitisation of trade documentation.
• The meeting finalised the Strategy for BRICS Economic Partnership 2030, covering trade, services, digital economy, industry, innovation, investment, financial cooperation and sustainable development.
• The strategy and declaration priorities are to be submitted for endorsement by BRICS leaders at the New Delhi Summit in September.