Jaipur : The 16th BRICS Trade Ministers’ Meeting concluded successfully in Jaipur, Rajasthan, under India’s BRICS Chairship 2026. The meeting was chaired by Union Minister of Commerce and Industry Shri Piyush Goyal and attended by Union Minister of State for Commerce and Industry Shri Jitin Prasada and Commerce Secretary Shri Rajesh Agrawal.
Held under the overarching theme “Building for Resilience, Innovation, Cooperation and Sustainability,” the meeting followed the Third Meeting of the BRICS Contact Group on Economic and Trade Issues (CGETI) held in New Delhi on August 3–4.
BRICS Trade Ministers Push for Stronger Global Trade Cooperation
The meeting brought together Trade Ministers, Vice Ministers, Heads of Delegation and senior officials from BRICS member countries.
Among the visiting dignitaries were H.E. Marcio Fernando Elias Rosa, Minister of State for Development, Industry, Commerce and Services of Brazil; H.E. Li Chenggang, China International Trade Representative and Vice Minister of Commerce of China; H.E. Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade of Egypt; H.E. Molalign Asfaw Ayana, Ambassador of Ethiopia; H.E. Dr. Budi Santoso, Minister of Trade of Indonesia; H.E. Dr. Mohammad Sadegh Mofatteh, First Deputy Minister of Trade and Industry of Iran; H.E. Vladimir Evgenievich Ilichev, Deputy Minister of Economic Development of Russia; H.E. Parks Franklyn Mpho Tau, Minister of Trade, Industry and Competition of South Africa; and H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade of the UAE.
The visiting Ministers and delegates also visited the historic City Palace in Jaipur, where they witnessed India’s rich heritage and Rajasthan’s vibrant craft traditions.
India Highlights Farmers, Food Security and MSMEs
In his keynote address, Piyush Goyal stressed the importance of protecting the interests of India’s farmers and ensuring food and livelihood security.
He reaffirmed India’s commitment to a reformed, development-oriented, member-driven and consensus-based multilateral trading system, with the World Trade Organization (WTO) at its core.
India also called for preservation of Special and Differential Treatment for developing countries and restoration of a fully functioning, two-tier and binding dispute settlement system.
India’s priorities under the BRICS Chairship include:
- Strengthening the multilateral trading system
- Building resilient and diversified global value chains
- Internationalising MSMEs and improving their access to trade finance
- Facilitating seamless cross-border digitally delivered services
Jaipur Consensus Gives Push to Small Businesses
A major outcome of the meeting was the adoption of the Jaipur Consensus, which proposes studying a BRICS Invoice Discounting Mechanism.
The Ministers also adopted Guiding Principles for Credit Assessment Frameworks for Export-Oriented MSMEs, aimed at encouraging credit assessment based on a firm’s cash flow rather than assets and collateral.
These initiatives seek to address the global trade finance gap of approximately USD 2.5 trillion, which particularly affects smaller enterprises.
The Ministers also adopted the Workplan on the Internationalisation of MSMEs.
BRICS Advances Global Value Chain Cooperation
The meeting also advanced cooperation on global value chains through the BRICS Shared Understanding on Global Value Chains.
The associated GVC Action Plan 2026–2030 includes proposals such as a BRICS Technical Council, BRICS Connect and a BRICS GVC Joint Study.
The framework also explores the possibility of establishing a strategic supply chain and investment promotion platform, including cooperation in sectors such as pharmaceuticals and food security.
Digital Services Cooperation Gets Major Push
BRICS Ministers adopted the BRICS Principles to Facilitate Digitally Delivered Services Across Borders.
The framework is aimed at promoting cooperation in safe and secure digitally delivered services, while supporting balanced and expanding trade among BRICS members.
BRICS Economic Partnership Strategy 2030
Another significant development was progress towards finalising the Strategy for BRICS Economic Partnership 2030.
The strategy covers:
Multilateral trading system, trade in services, digital economy, industry, innovation and technology, trade and investment, financial cooperation and sustainable development.
The Ministers agreed to submit the Strategy, along with the identified priorities, to the BRICS Leaders for endorsement.
India’s BRICS Chairship Focuses on Shared Prosperity
The 16th BRICS Trade Ministers’ Meeting marks a significant milestone in India’s BRICS Chairship 2026.
The outcomes, with a strong focus on farmers, MSMEs, digital trade, resilient supply chains and sustainable economic growth, reinforce India’s push for an open, inclusive, transparent, equitable and rules-based global trading system.
The meeting also sought to advance India’s vision of Viksit Bharat@2047 and promote shared prosperity across emerging economies.