India uses BRICS chairship to drive focus on MSMEs and their development

The New Delhi Declaration, adopted by the BRICS nations at their 18th Summit in New Delhi on Saturday (September 12, 2026), devoted significant focus to the needs of micro, small, and medium enterprises (MSMEs) and ways to help them move up the global value chain. India is the chair of BRICS in 2026, with China taking over the chairship in 2027.The latest declaration also carried forward most of the economic issues raised during the last Summit in Rio, including concerns about the “rise of unilateral tariff and non-tariff measures”, the “imposition of unilateral coercive measures”, trade in local currencies, and the need for reforms in the World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank.The BRICS nations also advocated for the accession of Ethiopia and Iran to the WTO. BRICS Summit 2026 LIVE updatesMSMEs in focusThe declaration acknowledged the initiatives by the SME Working Group and commended India’s Chairship for convening the inaugural BRICS SME Forum in Agra and releasing a report titled ‘Advancing MSME Competitiveness in BRICS: Strengthening Access to Finance & Technology and Sustainable Growth’. It further recognised this report for its potential to foster cooperation, exchange best practices and promote inclusive growth among MSMEs across BRICS countries“We reaffirm our commitment to strengthening the internationalisation of MSMEs as a driver of economic growth and prosperity,” the declaration said. “We acknowledge that access to affordable finance remains a primary bottleneck and structural constraint, limiting MSMEs’ participation in trade and integration into Global Value Chains (GVCs).” “We understand the importance of promoting innovative financing mechanisms, including digital and platform-based multistakeholder solutions for facilitating easier access to trade finance for MSMEs,” it added. It further welcomed the Jaipur Consensus to study the establishment of an Invoice Discounting Mechanism for BRICS members aimed at facilitating invoice discounting, which would help MSMEs unlock working capital and strengthen their participation in international trade. The declaration also mentioned several initiatives of cooperation between the BRICS nations in areas of Special Economic Zones, manufacturing, value addition, diamonds and precious metals, customs facilitation, logistics, railways, aviation, and industrial upgradation. Trade restriction concerns “We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules,” the declaration said. It noted that such measures threaten to further reduce global trade, disrupt global supply chains, and introduce uncertainty into international economic and trade activities, which could potentially exacerbate existing economic disparities and negatively affect prospects for global economic development.The declaration added that BRICS would work together to enhance the WTO’s responsiveness to trade disruptions and the needs and priorities of emerging markets and developing economies (EMDEs).“We condemn the imposition of unilateral coercive measures that are contrary to international law, and reiterate that such measures, inter alia in the form of unilateral economic sanctions and secondary sanctions, have far-reaching negative implications for the human rights, including the rights to development, health and food security, of the general population of targeted states, disproportionally affecting the poor and people in vulnerable situations, deepening the digital divide and exacerbating environmental challenges,” the declaration said.Strengthening global bodiesThe BRICS nations re-declared their “unwavering support” for reform of the WTO and for strengthening a “non-discriminatory, open, equitable, transparent, fair, inclusive, predictable and rules-based multilateral trading system”, with the WTO at its core.“Echoing the aspirations of the Global South to fully integrate into the multilateral trading system, we strongly support Ethiopia and Iran’s bid for accession to the WTO,” the declaration said. “We acknowledge China for expanding its zero-tariff treatment to cover 53 African countries with which it has diplomatic ties.” The declaration also went on to call for reforms of the World Bank, the United Nations (UN), the UN Security Council, and the IMF.“We reiterate the urgent need to reform the Bretton Woods Institutions (BWI) to make them more agile, effective, credible, inclusive, fit for purpose, unbiased, accountable, and representative, to enhance their legitimacy,” the declaration said. “The voice and representation of EMDEs in the BWI must reflect their relative position in the global economy,” it added.