Trade Minister: BRICS Reaches Agreement on Most Trade Issues

BRICS trade ministers have reached consensus on the majority of substantive issues discussed during their meeting in Jaipur, India, according to Indonesian Trade Minister Budi Santoso. While a joint statement was not finalized, the agreement signifies progress on key trade matters among the member nations.

Minister Budi reaffirmed Indonesia's dedication to fostering a multilateral trading system that is fair, inclusive, open, transparent, and rule-based. He expressed strong support for BRICS initiatives aimed at facilitating access to finance for Micro, Small, and Medium Enterprises (MSMEs), building more resilient supply chains, and driving digital transformation. These efforts, he noted, are crucial for promoting inclusive and sustainable economic growth.

“

Indonesia fully supports various concrete BRICS initiatives that strengthen trade, ranging from facilitating access to finance for MSMEs and building more resilient supply chains to driving digital transformation. These efforts are crucial for fostering more inclusive and sustainable economic growth.

The meeting addressed four primary areas: strengthening the multilateral trading system with the World Trade Organization (WTO) at its core, prioritizing development and special treatment for developing nations, and restoring the dispute settlement system. Secondly, efforts were focused on boosting the internationalization of MSMEs through improved access to trade finance, including guiding principles for credit assessment and the "Jaipur Consensus" on reviewing BRICS invoice discounting mechanisms.

Thirdly, the "Workplan on BRICS Shared Understanding on Global Value Chains" aims to enhance resilience, efficiency, and sustainability in these chains through digitalization, improved connectivity, and strengthening special economic zones. Finally, the "BRICS Principles to Facilitate Digitally Delivered Services Across Borders" were discussed to encourage cross-border trade in digital services, expand intra-BRICS trade, and bolster the digital economy in developing nations. Minister Budi underscored the importance of a strong, inclusive, and adaptable WTO amidst global trade challenges, emphasizing tangible cooperation within BRICS to benefit developing countries.

“

Indonesia underscores the importance of upholding a rules-based multilateral trading system through a WTO that is strong, inclusive, and adaptable to global challenges. At the same time, BRICS must continue to foster tangible cooperation that delivers direct benefits for the economic growth of developing nations.