BRICS focuses on open markets, cash-flow lending and MSME expansion at Jaipur summit
The Jaipur Consensus introduces cash-flow credit assessment for MSMEs to help narrow a $2.5-trillion global trade finance gap, alongside a 2026–2030 action plan for supply chain resilience in critical sectors.
At the 16th BRICS Trade Ministers meeting in Jaipur, the ministers from Brazil, China, Egypt, India, Indonesia, Iran, Russia, South Africa, and the United Arab Emirates emphasized the importance of opening markets, promoting economic diversification, and expanding micro, small, and medium enterprises (MSMEs) during the newly adopted 'Jaipur Consensus'.
They agreed to delve into a BRICS invoice discounting mechanism and establish credit-assessment guidelines for export-focused MSMEs, aiming to tackle a $2.5 trillion global trade finance gap that disproportionately affects smaller businesses. These guidelines prioritize cash flow over physical assets or collateral. The ministers also discussed a global value chains (GVCs) plan, setting a 2026-2030 action plan, which includes creating a BRICS Technical Council, launching the 'BRICS Connect' initiative, and conducting joint supply chain studies.
Additionally, they are exploring strategic investment and supply chain platforms in critical sectors such as pharmaceuticals and food security. The meeting, chaired by India's Commerce and Industry Minister Piyush Goyal, concluded with a work plan and the progression towards finalizing the BRICS Economic Partnership 2030 strategy, encompassing the multilateral trading system, trade in services, digital economy, industry, innovation, technology, trade and investment, financial cooperation, and sustainable development.
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