August 9, 2026 | 12:59 pm
TEMPO.CO, Jakarta - Indonesian Trade Minister Budi Santoso stated that BRICS trade ministers agreed on the majority of the meeting's substance, even though a joint statement was not reached.
During the closing session of the BRICS Trade Ministers' Meeting (TMM) in Jaipur, India, on Friday (August 7), Minister 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 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," Minister Budi said in a statement in Jakarta on Sunday.
The BRICS TMM 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 capacity.
Fourth, the "BRICS Principles to Facilitate Digitally Delivered Services Across Borders," which encourage cross-border trade in digital services, expand intra-BRICS trade, enhance digital skills, and strengthen the digital economy within developing nations.
Minister Budi also reiterated Indonesia's commitment to strengthening a multilateral trading system that is fair, inclusive, open, transparent, and rule-based. Amidst mounting global trade challenges, BRICS member nations need to strengthen concrete economic cooperation to safeguard international trade stability and support the growth of 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," asserted Trade Minister Budi.
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