BRICS ministers agree on 4 trade items, joint statement delayed

BRICS trade ministers agreed on most of the substance of their meeting in Jaipur, India, but have not yet finalized a joint statement. In the closing forum on Friday (7/8), Trade Minister Budi Santoso said the main agreements had taken shape around four trade items. The four points cover strengthening the multilateral trading system with the WTO at its core, expanding access to trade financing for UMKM, a work plan to strengthen global value chains, and principles for facilitating cross-border digital services. Indonesia also pushed for the restoration of the WTO two-tier dispute settlement mechanism. According to Budi, BRICS cooperation needs to deliver concrete benefits for developing countries amid rising global trade challenges.