• ¨     16th BRICS Trade Ministers’ Meeting concluded on 7 August 2026 at Sawai Man Mahal in Jaipur, Rajasthan.

    ¨     The meeting was held under India’s BRICS Chairship 2026.

    ¨     The meeting was chaired by Union Minister of Commerce and Industry Piyush Goyal.

    ¨     Minister of State Jitin Prasada and Commerce Secretary Rajesh Agrawal were also present.

    ¨    BRICS is a grouping of major emerging economies that includes Brazil, Russia, India, China, and South Africa, along with new members added in recent years.

    ¨     BRICS Trade Ministers discuss issues related to trade facilitation, market access, supply chains, and cooperation in multilateral forums.

    ¨     At the Jaipur meeting, officials finalised the Strategy for BRICS Economic Partnership 2030, which will be submitted to BRICS leaders at the upcoming New Delhi Summit.

    ¨     Ministers adopted the Jaipur Consensus.

    ¨     They also adopted the Guiding Principles for MSME Credit.

    ¨     These initiatives aim to help address the estimated $2.5 trillion global trade finance gap through cash-flow-based lending for smaller businesses.

    ¨     Member countries also endorsed the Global Value Chains Action Plan for 2026–2030.

    ¨     The plan includes the creation of a BRICS Technical Council and the BRICS Connect Initiative.

    ¨     Piyush Goyal highlighted India’s position on protecting farmers’ interests, ensuring food security, and preserving Special and Differential Treatment (S&DT) provisions within the WTO framework.

    ¨   Special and Differential Treatment is a WTO principle that provides developing countries with longer transition periods, technical assistance, and policy flexibility.

    ¨     MSMEs stand for Micro, Small and Medium Enterprises and form an important part of manufacturing, services, and employment in many economies.

    ¨     Cash-flow-based lending uses a business’s receipts and operating cash flows as the basis for credit assessment.