BRICS trade ministers in Jaipur adopt Economic Partnership 2030
BRICS trade ministers just wrapped up a meeting in Jaipur, where they locked in their "Economic Partnership 2030" plan.
Their main focus? Making it easier for small businesses to get loans and join global markets by judging them on cash flow, not just collateral.
This move is part of the new Jaipur Consensus, which is aimed at studying a Brics Invoice Discounting Mechanism, and the separately adopted guiding principles for credit assessment frameworks for export-oriented MSMEs.
BRICS urge WTO reform, boost supply-chains
The group doubled down on fair global trading rules and called for updates to the World Trade Organisation's system, like fixing how disputes are settled and making sure developing countries have food security.
They also rolled out plans to boost supply chains (think food and pharmaceuticals) and set ground rules for smoother digital services between BRICS countries.