BRICS Nations Adopt Pact on Industry and Innovation

BRICS nations have adopted a Joint Declaration in Jaipur to strengthen industrial cooperation, promote innovation, support MSMEs and startups, advance clean energy collaboration, and build resilient manufacturing and supply chains.

The members of BRICS have issued a Joint Declaration on the occasion of the 10th Meeting of BRICS Industry Ministers, which took place in Jaipur in India as the Chair of BRICS 2026. In their Joint Declaration, they reiterated their firm resolve to promote and intensify industrial cooperation and innovation, and build resilient and sustainable manufacturing ecosystems. This meeting was held under the theme of "Building for Resilience, Innovation, Cooperation and Sustainable Development."

The statement is a joint plan of action aimed at improving cooperation through the BRICS Partnership on New Industrial Revolution (PartNIR). The emphasis will be on increasing manufacturing competitiveness, fostering technological transformations, and creating resilient global value chains. Countries agreed to cooperate more in sectors like MSMEs, startups, photovoltaic, advanced manufacturing, digital, and logistics. These sectors were identified as crucial for future industrial development.

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The adoption of a Framework for Cooperation of the BRICS SME Working Group was one of the important decisions made during the meeting. This decision is intended to enhance MSME ecosystems by way of facilitating knowledge exchange, capacity development, technology transfer, and market access. The Terms of Reference and Action Plan for the BRICS Working Group on the Photovoltaic Industry were also adopted, which means that there is now a formal framework for cooperation in photovoltaic manufacturing and clean energy technologies.

Speaking at the conference, Minister for Commerce and Industry in the Union Cabinet Piyush Goyal stated that BRICS countries have an unprecedented chance of improving their manufacturing prowess using innovation, efficient supply chains, and technological collaboration. The minister stressed the need for encouraging entrepreneurship, enhancing industrial competitiveness, and ensuring sustainable development through increased collaboration among BRICS countries.

India further recommended the setting up of a BRICS Incubator Network and BRICS Startup Innovation Fund to foster innovation-driven development, encourage collaboration between startups, and enhance the entrepreneurial ecosystem in BRICS nations. These initiatives will help foster cross-border collaborations, expedite the commercialisation of cutting-edge technologies, and give startups access to foreign markets and research networks.

The ministers reiterated their dedication to promoting digital transformation, green industrialisation, and technology-led development in conjunction with robust supply chains and sustainable manufacturing practices. Furthermore, the declaration promotes greater cooperation on matters related to industrial policies, R&D, skills, and innovations to increase the productivity and competitiveness of BRICS economies. Such initiatives are also in line with the overall goals of the bloc, which seek to ensure sustainable and inclusive economic growth.

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Successful closure of the Jaipur meeting is yet another landmark achievement in India's BRICS Chairship tenure, reflecting the nation's commitment to fostering innovation and industry resiliency, along with multilateralism. This Joint Declaration offers a comprehensive structure towards advancing industrial cooperation, developing emerging technologies, and ensuring economic integration amongst BRICS countries. The results are likely to pave the way for sustainable growth through robust manufacturing eco-systems and technology cooperation.