India Concludes 16th BRICS Trade Ministers' Meeting in Jaipur on August 7, 2026

Key facts

• India hosted and concluded the 16th BRICS Trade Ministers' Meeting in Jaipur on August 7, 2026, under its BRICS Chairship 2026.
• The meeting was chaired by Union Commerce and Industry Minister Piyush Goyal and attended by trade ministers and senior representatives from all BRICS member countries.
• Member nations adopted the Joint Declaration and four annexes, and finalised the Strategy for BRICS Economic Partnership 2030 for submission at the New Delhi Summit in September 2026.
• The meeting was held under the theme 'Building for Resilience, Innovation, Cooperation and Sustainability'.
• India secured strong support for developing countries' interests on food security, public stockholding and Special and Differential Treatment within the multilateral trading system.
• The Joint Declaration reaffirmed commitment to a development-oriented, rules-based global trading system with the World Trade Organization (WTO) at its core and called for restoring a fully functional dispute settlement mechanism.
• The ministers adopted the Jaipur Consensus, which proposes studying a BRICS Invoice Discounting Mechanism to bridge the global trade finance gap.
• They approved the Guiding Principles for Credit Assessment Frameworks for Export-Oriented MSMEs, aimed at improving access to finance based on cash flows rather than only collateral.
• The meeting adopted a work plan on resilient and diversified Global Value Chains, promoting collaboration among Special Economic Zones, digitisation of trade documents and deeper industrial cooperation.
• The ministers approved the BRICS Principles to Facilitate Digitally Delivered Services Across Borders.