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BRICS Endorses Easier Finance and Invoice Discounting for MSMEs
BRICS countries want to make it easier for small businesses to grow and sell products in other countries.
They said that finding affordable loans is a major problem for many small businesses.
Without enough money, these businesses may struggle to join international trade.
BRICS welcomed new principles for judging whether export-focused small businesses can receive credit.
These principles would use more kinds of information to assess businesses.
The countries also discussed digital tools that could make trade finance easier to get.
They agreed to study a system that could turn unpaid invoices into money sooner.
This could help small businesses manage their cash and trade across borders.
BRICS also supported more meetings and cooperation among small-business groups.
BRICS countries reaffirmed support for helping micro, small and medium enterprises expand internationally.
The New Delhi Declaration identified affordable finance as a major obstacle limiting MSME trade and global value-chain participation.
BRICS welcomed credit-assessment principles using diverse data to improve financing access for export-oriented MSMEs.
The grouping supported digital and platform-based trade-finance solutions involving multiple stakeholders.
BRICS welcomed the Jaipur Consensus to study an invoice-discounting mechanism for members and supported further SME cooperation.
- Who
- BRICS countries, including the member governments represented at the summit, with India chairing the meeting.
- What
- The grouping backed easier, more affordable MSME finance, digital trade-finance solutions and a study of an invoice-discounting mechanism.
- Where
- The summit was chaired by India in New Delhi; the inaugural BRICS SME Forum was held in Agra.
- When
- The New Delhi summit was held on September 12 and 13.
- Why
- To reduce financing gaps, improve MSME participation in international trade and support their integration into global value chains.
Key facts
- Declaration
- The New Delhi Declaration recognised MSMEs as contributors to growth, employment and prosperity.
- Main obstacle
- Affordable finance remains a major structural constraint for MSMEs.
- Credit framework
- BRICS welcomed guiding principles for credit assessment of export-oriented MSMEs.
- Digital finance
- The grouping supported digital and platform-based mechanisms involving multiple stakeholders.
- Invoice mechanism
- The Jaipur Consensus will be used to study an invoice-discounting mechanism for BRICS members.
- SME forum
- BRICS welcomed the inaugural SME Forum in Agra and supported holding a second forum.
- Membership
- The article describes BRICS as an 11-member grouping.
Sources
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