August 9, 2026 | 12:41 pm
TEMPO.CO, Jakarta - Indonesian Trade Minister Budi Santoso stated that BRICS member nations agreed on the majority of the substance discussed during the trade ministers' meeting, even though a joint statement was not reached.
During the closing session of the BRICS Trade Ministers' Meeting in Jaipur, India, on Friday, August 7, 2026, Budi reaffirmed Indonesia's commitment to strengthening a multilateral trading system that is fair, inclusive, open, transparent, and rule-based.
"Indonesia fully supports various concrete BRICS initiatives that strengthen trade—ranging from facilitating access to financing for MSMEs and building more resilient supply chains to driving digital transformation," said Trade Minister Budi, as quoted by Antara on Sunday, August 9, 2026. He noted that these measures are crucial for fostering more inclusive and sustainable economic growth.
This BRICS Trade Ministers' Meeting addressed four key points. First, a commitment to strengthening the multilateral trading system with the WTO at its core; prioritizing development; ensuring special and differential treatment for developing nations; and restoring the two-tier dispute settlement system.
Second, efforts to boost the internationalization of Micro, Small, and Medium Enterprises (MSMEs) by improving access to trade finance—including the adoption of guiding principles for credit assessment and the "Jaipur Consensus" to review BRICS invoice discounting mechanisms.
Third, the "Workplan on BRICS Shared Understanding on Global Value Chains," aimed at strengthening resilient, efficient, inclusive, and sustainable global value chains through measures such as the digitalization of trade documents, enhanced connectivity, and the strengthening of special economic zones and industrial capacities.
Fourth, the "BRICS Principles to Facilitate Digitally Delivered Services Across Borders." This initiative seeks to promote cross-border trade in digital services, expand intra-BRICS trade, enhance digital skills, and strengthen the digital economy within developing nations.
Furthermore, amidst mounting global trade challenges, BRICS member nations are seen as needing to strengthen concrete economic cooperation to maintain international trade stability and support the growth of developing countries.
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