New Delhi Declaration backs innovative financing, invoice discounting and stronger global value-chain integration to help smaller businesses expand international trade.
Brics countries have backed a stronger push to improve access to finance for micro, small and medium enterprises (MSMEs), with the New Delhi Declaration identifying affordable credit and working capital as key hurdles to their participation in international trade.
The declaration said Brics should strengthen the “internationalisation of Micro, Small and Medium Enterprises (MSMEs)” and recognised access to affordable finance as a “primary bottleneck and structural constraint” limiting their participation in trade and integration into global value chains.
As part of the push, BRICS welcomed new guiding principles for credit assessment of export-orientated MSMEs. The framework aims to use diverse data sources to reduce information gaps, improve risk assessment and expand access to formal finance for underserved smaller businesses.
The grouping also called for innovative financing mechanisms, including digital and platform-based solutions, to make trade finance more accessible to MSMEs.
A key proposal is the Invoice Discounting Mechanism for BRICS members, which the declaration said could help businesses unlock working capital and strengthen their participation in international trade.
“We welcome the Jaipur Consensus to study the establishment of an Invoice Discounting Mechanism for BRICS members,” the declaration said, adding that the mechanism would facilitate invoice discounting and enable MSMEs to “unlock working capital” and strengthen their role in international trade.
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The declaration also linked MSME financing with a broader BRICS strategy to make supply chains more resilient and help developing economies move into higher-value manufacturing.
BRICS said it wanted “broader and more equitable participation” of developing countries and emerging markets in higher-value segments of global manufacturing and production, supported by trade and investment initiatives, technical cooperation, productive capacities and technology transfer.
The grouping also backed the BRICS GVC Action Plan 2026-2030, with a focus on digitisation, trade facilitation, infrastructure, connectivity, industrial capacity and affordable access to technology. The plan is specifically expected to address challenges faced by emerging markets and developing economies in moving up the value chain.
The declaration further highlighted Special Economic Zones as potential engines for trade, investment, industrial cooperation and integration into resilient global value chains, while calling for streamlined regulations, efficient infrastructure and digitised trade documentation.
The MSME agenda is also backed by the BRICS SME Working Group and the inaugural BRICS SME Forum held in Agra. The declaration welcomed a framework for cooperation aimed at improving access to finance and technology and promoting sustainable growth among MSMEs across BRICS economies.
