New Delhi, Aug. 7 -- The trade ministers of BRICS countries on Friday highlighted the need for opening up markets, economic diversification among the member nations, and the internationalization of micro, small and medium enterprises (MSMEs).

Under the newly adopted 'Jaipur Consensus', the ministers agreed to study a BRICS invoice discounting mechanism and established credit-assessment guidelines for export-focused MSMEs. These guidelines evaluate companies based on cash flow rather than physical assets or collateral, aiming to narrow a $2.5 trillion global trade finance gap that heavily impacts smaller businesses.

The official statement highlighted a workplan on global value chains (GVCs) that establishes an action plan for 2026-2030. ...