Indonesia Backs BRICS Trade Meeting Outcome in India

Indonesian Trade Minister Budi Santoso confirmed that the majority of issues discussed in the recent BRICS Trade Ministers Meeting in Jaipur, India, were agreed upon by all member nations, even though no joint statement was issued. Budi emphasized Indonesia's dedication to promoting a fair, inclusive, open, transparent, and rule-based multilateral trading system.

He highlighted several key initiatives underlined by the meeting that would bolster trade, such as facilitating access to financing for micro, small, and medium enterprises (MSMEs) and enhancing supply chain resilience through digital transformation.

The meeting focused on four main areas. Firstly, it reaffirmed the commitment to a multilateral trading system, emphasizing the World Trade Organization (WTO), promoting development, ensuring special and differential treatment for developing countries, and reinstating a two-tier dispute settlement system. Secondly, the meeting aimed to accelerate the internationalization of MSMEs by improving trade finance accessibility—through guiding principles for credit assessment and the Jaipur Consensus to review invoice discounting mechanisms.

Thirdly, it introduced a workplan on the BRICS Shared Understanding of Global Value Chains, which seeks to fortify resilient, efficient, inclusive, and sustainable global value chains through digitalization of trade documents, improved connectivity, and strengthening of special economic zones and industrial capacities. Lastly, the meeting outlined the BRICS Principles for Facilitating Digitally Delivered Services Across Borders, with the goal of boosting cross-border digital service trade, expanding intra-BRICS trade, boosting digital skills, and reinforcing the digital economy in developing countries.

In the face of escalating global trade hurdles, BRICS members are urged to bolster economic collaboration to maintain international trade stability and foster growth among developing countries.