BRICS Nations Forge Industrial Cooperation Pact in Jaipur
By Business Desk
BRICS Ministers in Jaipur adopt a joint declaration to boost industrial cooperation, innovation, and resilience, focusing on new industrial revolutions and MSME growth.
The 10th BRICS Industry Ministers’ Meeting, held in Jaipur under India’s chairship, concluded with the adoption of a joint declaration. This declaration aims to strengthen industrial cooperation and promote innovation-driven growth among the member countries.
The gathering centered on the theme ‘Building for Resilience, Innovation, Cooperation and Sustainability.’ Discussions focused on enhancing industrial capabilities, leveraging technological transformation, and expanding collaborative opportunities across the BRICS bloc.
Driving Collaborative Innovation
Union Commerce and Industry Minister Piyush Goyal emphasized the need for BRICS nations to translate aspirations into practical innovation and cooperation. He urged members to utilize their complementary strengths to build resilient industries, highlighting the BRICS Partnership on New Industrial Revolution (PartNIR) as a crucial collaborative mechanism.
- A cooperation framework for MSMEs has been finalized.
- Terms of reference and an action plan for the photovoltaic industry working group were adopted.
- An innovation-led growth plan for startups was approved.
Minister of State for Commerce and Industry Jitin Prasada reiterated India’s commitment to deepening industrial partnerships. He underscored the importance of cooperation, innovation, and mutual trust for an inclusive industrial future.
Strategic Priorities and Future Engagements
The meeting also stressed the importance of strengthening transport and logistics systems to enhance industrial resilience. This includes incorporating GIS-based infrastructure and city logistics planning.
Participating nations shared their individual policy priorities, which largely focused on accelerating digital transformation. Other key areas included building resilient industrial ecosystems and addressing shared development challenges.
- Strengthening multilateral trading systems.
- Enhancing MSME participation in global trade.
- Promoting resilient supply chains.
- Facilitating cross-border digital services.
Looking ahead, India is slated to host the 16th BRICS Trade Ministers’ Meeting. This upcoming event will further delve into international trade and broader economic cooperation among the member states.