Ø Intra-BRICS Trade Reaches USD 1.17 Trillion,
Has Huge Untapped Potential
1.
Commerce
Secretary Rajesh Agrawal delivered the keynote address at the 2nd Meeting of
the BRICS Contact Group on Trade and Economic Issues (CGETI) in Gandhinagar,
Gujarat.
2.
The
meeting followed the first virtual CGETI meeting held in March 2026.
3.
Mr.
Agrawal said BRICS has emerged as a strong voice representing emerging markets
and developing economies.
4.
He
noted that BRICS has strengthened despite global challenges such as
protectionism, geopolitical tensions, supply chain disruptions, inflation, and
economic uncertainty.
5.
Intra-BRICS
merchandise trade increased thirteen-fold from US$ 84 billion in 2003 to US$
1.17 trillion in 2024.
6.
He
stated that intra-BRICS trade growth has outpaced overall global trade growth.
7.
Intra-BRICS
trade currently accounts for only about 5% of global trade, indicating
significant untapped potential.
8.
Mr.
Agrawal emphasized the need for deeper trade integration, stronger value-chain
linkages, and enhanced economic cooperation among BRICS nations.
9.
The
meeting was held under the theme “Building for Resilience, Innovation,
Cooperation and Sustainability”.
10. India is chairing BRICS for the fourth
time after 2012, 2016, and 2021.
11. Discussions focused on strengthening the
multilateral trading system and expanding services trade.
12. Delegates also discussed supporting the
internationalisation of MSMEs to generate employment opportunities.
13. The meeting highlighted the importance of
building resilient and diversified global value chains.
14. Participants explored ways to promote
balanced trade and create opportunities for farmers, women, entrepreneurs, and
businesses through greater intra-BRICS trade.
15. On 15 May 2026, delegates visited GIFT
City in Gandhinagar and reviewed its financial infrastructure and command
centre facilities.
16. India showcased efforts to develop GIFT
City as a global financial hub for banking, capital markets, leasing, and fund
management.
17. India’s merchandise exports to BRICS
countries were estimated at US$ 82 billion in FY 2025-26.
18. India’s services exports to BRICS members
stood at US$ 31.3 billion in calendar year 2024.
19. The discussions highlighted services trade
and connectivity as key drivers for future intra-BRICS economic growth.
Commerce
Secretary Rajesh Agrawal delivered the keynote address at the 2nd Meeting of the
BRICS Contact Group on Trade and Economic Issues (CGETI), held in Gandhinagar, Gujarat.
The meeting followed the first CGETI meeting held virtually in March 2026.
Mr. Agrawal underscored that BRICS has continued to
grow stronger and has emerged as an influential voice representing the aspirations
and priorities of emerging markets and developing economies. He noted that this
has happened despite rising protectionism, geopolitical tensions, supply chain disruptions,
inflationary pressures and growing uncertainty. He highlighted that intra-BRICS
merchandise trade has risen thirteen-fold, from US$ 84 billion in 2003 to US$ 1.17
trillion in 2024, outpacing the growth in global trade and contributing to greater
resilience and diversification for member countries. He added that intra-BRICS trade
still accounts for only around 5 per cent of global trade, indicating significant
untapped potential for deeper trade integration, stronger value-chain linkages and
enhanced economic cooperation.
Held
under the theme “Building for Resilience, Innovation, Cooperation and Sustainability”,
the meeting built on the work undertaken under previous Chairships.
India has assumed the BRICS Chairship for the fourth time,
after 2012, 2016 and 2021. The deliberations focused on contemporary trade issues,
including strengthening the multilateral trading system, supporting the internationalisation
of Micro, Small and Medium Enterprises to create employment, making global value
chains more resilient & diversified and expanding services trade. The meeting
also provided an opportunity to discuss ways to promote more balanced trade, open
new opportunities in the services sector and advance prosperity for key stakeholders,
including farmers, women, entrepreneurs and businesses, through greater intra-BRICS
trade.
On
15 May 2026, delegates visited GIFT City, Gandhinagar, and toured its facilities,
including the command and control centre. A presentation was made on initiatives
to develop GIFT City as a world-class financial centre. The visit offered delegates
an overview of India’s efforts to build a global hub for banking, capital markets,
fund management, leasing and other financial services to support international trade.
Discussions
at CGETI also placed India’s engagement with BRICS in a wider trade context. India’s
exports to BRICS member countries were estimated at US$ 82.0 billion in merchandise
goods in FY 2025-26 and US$ 31.3 billion in services in CY 2024, as per latest data
available. These point to further scope for deepening intra-BRICS trade, with services
and connectivity emerging as important drivers of future growth.