Commerce Secretary Rajesh Agrawal on Saturday, 16 May, said intra-BRICS merchandise trade has reached $1.17 trillion in 2024, highlighting the growing economic significance of the grouping and the scope for deeper trade integration among member countries.
Speaking at the 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) in Gandhinagar, Agrawal said intra-BRICS trade has grown thirteen-fold from $84 billion in 2003 to $1.17 trillion in 2024, outpacing the growth in global trade.
He said the expansion of trade within BRICS has contributed to greater resilience and diversification for member economies despite rising protectionism, geopolitical tensions, supply chain disruptions, inflationary pressures and global uncertainty.
Agrawal noted that intra-BRICS trade still accounts for only around 5% of global trade, indicating “significant untapped potential” for stronger value-chain linkages, deeper trade integration and enhanced economic cooperation among member nations.
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The meeting was held under the theme “Building for Resilience, Innovation, Cooperation and Sustainability”.
India has assumed the BRICS Chairship for the fourth time after 2012, 2016 and 2021.
Discussions during the meeting focused on strengthening the multilateral trading system, supporting the internationalisation of Micro, Small and Medium Enterprises, building resilient and diversified global value chains, and expanding services trade.
The meeting also explored ways to promote more balanced trade and create opportunities for farmers, women, entrepreneurs and businesses through greater intra-BRICS trade cooperation.
According to the latest data cited during the discussions, India’s exports to BRICS member countries were estimated at $82 billion in merchandise goods in FY2025-26 and $31.3 billion in services in calendar year 2024.
Delegates attending the meeting also visited GIFT City in Gandhinagar, where presentations were made on India’s efforts to develop the financial hub as a global centre for banking, capital markets, fund management, leasing and international financial services.
