3 weeks ago
BRICS trade ministers adopt Jaipur Consensus on MSME financing
The trade leaders from a group of countries called BRICS met in Jaipur, a city in India.
They talked about how to help small businesses sell their products in other countries.
Small businesses often find it hard to get money from banks because they don't have big buildings or machines to promise as security.
The ministers agreed on new rules so banks can look at how much money a business actually makes, instead of what it owns.
This should help close a very big money gap of $2.5 trillion that makes trading hard for small businesses around the world.
They also made a plan for the years 2026 to 2030 to work together on how goods are made and moved between countries.
The plan includes creating a new BRICS Technical Council and a program called 'BRICS Connect'.
The countries are also finishing a bigger plan called the BRICS Economic Partnership 2030, which their leaders will review next.
The whole meeting was held under the theme 'Building for Resilience, Innovation, Cooperation and Sustainability'.
The 16th BRICS trade ministers' meeting concluded in Jaipur, India, chaired by Commerce Minister Piyush Goyal under India's chairship.
Under the new 'Jaipur Consensus', ministers agreed to study a BRICS invoice discounting mechanism and established cash-flow-based credit-assessment guidelines for export-focused MSMEs.
The guidelines aim to help narrow the $2.5 trillion global trade finance gap that heavily impacts smaller businesses.
A global value chains workplan for 2026-2030 includes forming a BRICS Technical Council, launching the 'BRICS Connect' initiative, and joint supply chain studies.
Ministers made progress on the BRICS Economic Partnership 2030 strategy, which will be submitted to BRICS leaders for endorsement.
- Who
- Trade ministers and officials of BRICS member countries, chaired by India's Union Minister of Commerce and Industry Piyush Goyal.
- What
- Adoption of the 'Jaipur Consensus' on cash-flow-based credit assessment and invoice discounting for MSMEs, a global value chains workplan for 2026-2030, and progress on the BRICS Economic Partnership 2030 strategy.
- Where
- Jaipur, India, with the preparatory CGETI meeting held in New Delhi.
- When
- The 16th BRICS trade ministers' meeting concluded on Friday, following the third BRICS Contact Group on Economic and Trade Issues (CGETI) meeting held on 3-4 August 2026.
- Why
- To open markets, diversify member economies, internationalize MSMEs, and help close the $2.5 trillion global trade finance gap affecting smaller businesses.
Key facts
- Event
- 16th BRICS Trade Ministers' Meeting
- Chair
- Piyush Goyal, Union Minister of Commerce and Industry, India
- Key outcome
- Jaipur Consensus
- Theme
- Building for Resilience, Innovation, Cooperation and Sustainability
- Trade finance gap targeted
- $2.5 trillion
- Global value chains workplan
- 2026-2030
- Preparatory meeting
- Third BRICS CGETI meeting, New Delhi, 3-4 August 2026
- Sectors for investment platforms
- Pharmaceuticals and food security
Sources
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