BRICS Trade Ministers Conclude 16th Meeting in Jaipur

The 16th meeting of BRICS trade ministers took place in Jaipur, culminating in the approval of a joint declaration and agreements aimed at enhancing economic cooperation. Key discussions revolved around the BRICS Economic Partnership Strategy for 2030, which addresses various sectors including trade, technology, and sustainable development. The ministers agreed to present their priorities at the upcoming summit in New Delhi. Union Minister Piyush Goyal highlighted the growing significance of BRICS in the global economy, advocating for a resilient and cooperative multilateral trade system. The meeting emphasized a human-centric approach to trade, focusing on the development of small enterprises and youth engagement in developing economies.

By Narendra Chaudhary Aug 8, 2026, 07:07 IST

Summary of the BRICS Meeting

On August 7, the 16th meeting of BRICS trade ministers concluded in Jaipur. During this session, a joint declaration and four agreements were approved, finalizing the BRICS Economic Partnership Strategy for 2030 ahead of the New Delhi summit. The meeting was chaired by Piyush Goyal, the Union Minister of Commerce and Industry.

Participation and Key Outcomes

Trade ministers and senior officials from member countries including Brazil, China, Egypt, Ethiopia, Indonesia, Iran, Russia, South Africa, and the United Arab Emirates participated in the discussions. A significant outcome of this meeting was the finalization of the BRICS Economic Partnership Strategy for 2030, which encompasses various sectors such as multilateral trade systems, digital economy, industry, innovation and technology, trade and investment, financial cooperation, and sustainable development.

Future Steps and Global Economic Context

The strategy will be further developed under Brazil's presidency in 2025 and finalized during India's presidency in 2026. The ministers agreed to present the priorities of this strategy and the joint declaration for approval at the BRICS leaders' summit in New Delhi in September 2026. In his keynote address, Minister Goyal emphasized the increasing role of BRICS in the evolving global economy.

Call for Strengthened Multilateral Trade

He also stated that the response to unilateralism and fragmentation should be resilience, cooperation, and reform. Goyal reiterated India's vision for a multilateral trade system that is reform-oriented, development-focused, member-driven, and consensus-based. The World Trade Organization should be at the center of this system, ensuring provisions for special and differential treatment while re-establishing a fully functional two-tiered and binding dispute resolution mechanism.

Human-Centric Approach to BRICS Cooperation

Union Minister of State for Commerce and Industry, Jitin Prasada, welcomed the representatives and reminded them that BRICS cooperation, inspired by Prime Minister Narendra Modi's vision of prioritizing humanity, places people at its core. He emphasized that the true purpose of BRICS trade is humanitarian, reflecting the growth of micro, small, and medium enterprises, women-led businesses, and the enthusiasm of youth in developing economies.