India is steering the BRICS conversation toward the engines of its economy—and many others: micro, small, and medium enterprises. At the 18th BRICS Summit in New Delhi, member nations united around a declaration that puts MSME development squarely in the spotlight, acknowledging their critical role in growth, trade, and global value chains.

Key facts

  • India chairs BRICS in 2026; China takes over in 2027.
  • The New Delhi Declaration adopted on September 12, 2026.
  • BRICS backed WTO accession for Ethiopia and Iran.
  • Inaugural BRICS SME Forum held in Agra under India’s leadership.

A New Focus on Small Business

For years, MSMEs have struggled to secure affordable finance and integrate into international markets. The declaration didn’t shy away from the problem: it called access to capital a “primary bottleneck,” limiting small firms’ ability to trade and grow. In response, BRICS nations are exploring digital and platform-based financing tools—innovative ways to help smaller players compete on a global scale.

India’s chairship didn’t just talk about change; it acted. The group convened its first-ever SME Forum in Agra and released a landmark report, “Advancing MSME Competitiveness in BRICS,” aimed at sharing best practices and fostering cooperation.

“We reaffirm our commitment to strengthening the internationalisation of MSMEs as a driver of economic growth and prosperity,” the declaration stated.

Broader Economic Concerns

While MSMEs took center stage, the summit also revisited lingering frustrations from previous meetings. BRICS leaders voiced “serious concerns” about the rise of unilateral trade measures—tariffs and non-tariff barriers that distort markets and flout WTO rules. They warned such actions could disrupt supply chains, deepen inequality, and stall global economic recovery.

The group also threw its weight behind reforming multilateral institutions like the WTO, IMF, and World Bank, urging changes that would give emerging economies a stronger voice. “The voice and representation of EMDEs must reflect their relative position in the global economy,” the declaration insisted.

Looking Ahead

With China set to assume the BRICS chairship in 2027, the focus on MSMEs and institutional reform appears here to stay. The group’s support for Ethiopia and Iran’s WTO membership bids signals a continued push for a more inclusive global trade architecture—one where smaller economies and businesses aren’t left behind.