BRICS Trade Ministers Back Jaipur Plan to Boost MSME Global Trade

Goyal stressed the importance of protecting farmers as well as food and livelihood security, while backing the preservation of Special and Differential Treatment for developing countries.

BRICS countries have agreed on a wider trade agenda designed to give small businesses better access to finance, strengthen global supply chains and make cross-border digital services easier, with Trade Ministers adopting a series of measures during their meeting in Jaipur under India's BRICS Chairship.

Union Commerce and Industry Minister Piyush Goyal chaired the 16th BRICS Trade Ministers' Meeting, attended by ministers and senior representatives from Brazil, China, Egypt, Ethiopia, Indonesia, Iran, Russia, South Africa and the United Arab Emirates. The discussions were held under India's 2026 Chairship theme, "Building for Resilience, Innovation, Cooperation and Sustainability."

Jaipur Consensus Targets MSME Financing Gap

One of the most significant outcomes was the Jaipur Consensus, under which BRICS members will study the possibility of creating an Invoice Discounting Mechanism that could help smaller exporters receive working capital against unpaid invoices rather than waiting for customers to complete payments.

Ministers also adopted Guiding Principles for Credit Assessment Frameworks for Export-Oriented MSMEs, encouraging financing decisions based more strongly on a company's cash flow instead of relying mainly on physical assets and collateral.

The measures seek to address a global trade finance gap estimated at around $2.5 trillion, which can disproportionately affect smaller companies trying to participate in international commerce.

These initiatives form part of the BRICS Workplan on the Internationalisation of MSMEs, reflecting a wider effort to give small businesses, including women-led enterprises, more opportunities to enter global markets.

India Pushes for WTO-Centred Trading System

India used the meeting to reiterate its support for a multilateral trading system centred on the World Trade Organization, while calling for rules that continue to recognise the development needs of emerging economies.

Goyal stressed the importance of protecting farmers as well as food and livelihood security, while backing the preservation of Special and Differential Treatment for developing countries.

BRICS members also supported restoring a fully functioning, two-tier and binding WTO dispute settlement system. The meeting reaffirmed the importance of the most-favoured-nation principle alongside development-oriented provisions intended to give emerging economies sufficient policy space.

BRICS Plans Deeper Supply Chain Cooperation

Another major area of agreement involves making global value chains more resilient and diversified, reducing vulnerabilities that can emerge when countries or industries depend heavily on limited sources of critical products and materials.

The BRICS Global Value Chains Action Plan for 2026-2030 includes proposals such as a BRICS Technical Council, BRICS Connect and a joint study on global value chains.

Members will also explore the possibility of creating a strategic supply chain and investment promotion platform, including cooperation in areas such as pharmaceuticals and food security.

These measures are intended to expand trade between BRICS economies while creating stronger industrial connections that can withstand global disruptions.

Digital Services Become New Trade Priority

Ministers adopted BRICS Principles to Facilitate Digitally Delivered Services Across Borders, creating a framework for cooperation as services delivered through digital networks become an increasingly important part of international trade.

The agreement places safe and secure digital trade alongside MSME internationalisation and resilient value chains as major areas for future BRICS economic cooperation.

Progress was also reported on the Strategy for BRICS Economic Partnership 2030, covering trade in goods and services, the digital economy, industry, innovation, technology, investment, financial cooperation and sustainable development. The strategy and related priorities will be submitted to BRICS leaders for endorsement.

The Jaipur meeting places small businesses and developing economies at the centre of India's trade agenda for its BRICS Chairship, with the next challenge being to turn frameworks covering finance, digital services and supply chains into practical mechanisms that make cross-border business easier for companies across member countries.