Trade Minister: BRICS Reaches Agreement on Most Trade Issues
Indonesian Minister stated that BRICS trade ministers agreed on majority of the meeting's substance, even though a joint statement was not reached.
Indonesian Trade Minister Budi Santoso announced that the BRICS trade ministers achieved consensus on most of the meeting's substance, though a joint declaration was not signed. Speaking at the closing session of the BRICS Trade Ministers Meeting in Jaipur, India on August 7, Minister Budi reaffirmed Indonesia's dedication to promoting a multilateral trading system that is equitable, inclusive, open, transparent, and rule-based.
He stated that Indonesia backs various BRICS initiatives aimed at strengthening trade, such as facilitating finance access for MSMEs, enhancing supply chains, and promoting digital transformation to promote inclusive and sustainable economic growth.
The BRICS Trade Ministers Meeting addressed four main points. Firstly, a commitment to bolstering the multilateral trading system under the WTO umbrella, prioritizing development, ensuring special and differential treatment for developing nations, and reinstating the two-tier dispute settlement system. Secondly, efforts to increase the internationalization of MSMEs through improved access to trade finance, including the adoption of credit assessment guidelines and the Jaipur Consensus to review BRICS invoice discounting mechanisms.
Thirdly, a Workplan on BRICS Shared Understanding on Global Value Chains to enhance resilient, efficient, inclusive, and sustainable global value chains through measures such as digitalizing trade documents, improving connectivity, and strengthening special economic zones and industrial capacities. Lastly, the BRICS Principles to Facilitate Digitally Delivered Services Across Borders, encouraging cross-border digital services trade, expanding intra-BRICS trade, boosting digital skills, and strengthening the digital economy within developing BRICS nations.
Minister Budi reiterated Indonesia's commitment to a fair, inclusive, and rule-based multilateral trading system. He emphasized that in the face of global trade challenges, BRICS must deepen economic cooperation to preserve international trade stability and support the growth of developing countries. He stressed the importance of adhering to a rules-based multilateral trading system through a strong, inclusive, and adaptable WTO, while simultaneously fostering concrete cooperation that directly benefits the economic growth of developing nations.
Written by urgent.news from Tempo.co English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
