India’s BRICS Trade Push: Jaipur Meet Delivers New Roadmap for Farmers, MSMEs

The 16th BRICS Trade Ministers’ Meeting concluded in Jaipur on Friday with India securing a stronger focus on farmers, MSMEs and developing economies, while pushing for greater trade, investment and cooperation among member countries.

Held under India’s BRICS chairship for 2026, the meeting produced a Chair’s Statement and Outcome Document with four annexes covering the multilateral trading system, MSME internationalisation, global value chains and digitally delivered services. Member countries also welcomed India’s leadership in advancing the BRICS Economic Partnership Strategy 2030.

Union Commerce and Industry Minister Piyush Goyal, who chaired the meeting, stressed the need to safeguard India’s farmers and ensure food and livelihood security. India also called for a reformed, development-oriented and rules-based global trading system with the World Trade Organization (WTO) at its core, while protecting the special treatment available to developing countries.

A major outcome was the push to improve access to finance for export-oriented MSMEs. Under the Jaipur Consensus, BRICS ministers agreed to study an Invoice Discounting Mechanism and adopted guiding principles for credit assessment. The proposed framework would allow businesses to be assessed more on their cash flow than assets and collateral, potentially easing access to trade finance.

The initiative seeks to address a global trade-finance gap of around USD 2.5 trillion, which particularly affects smaller enterprises. The measures form part of a broader BRICS workplan aimed at helping MSMEs expand into international markets.

BRICS members also advanced cooperation on global value chains, adopting a 2026-2030 action plan covering initiatives such as BRICS Connect, a joint global value-chain study and a proposed strategic supply-chain and investment-promotion platform. Food security and pharmaceuticals were among the areas identified for cooperation.

The meeting also adopted principles to facilitate safe and secure digitally delivered services across borders, while promoting balanced growth in services trade.

Progress was further made on the BRICS Economic Partnership Strategy 2030, covering trade, digital economy, technology, investment, financial cooperation and sustainable development. The strategy will be submitted to BRICS leaders for endorsement.