Commerce Secretary Rajesh Agrawal on Saturday said intra-BRICS merchandise trade has grown to USD 1.17 trillion in 2024, highlighting the vast untapped potential for deeper trade integration and stronger economic cooperation among member nations.
Addressing the second meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) in Gandhinagar, Agrawal said BRICS has emerged as an influential platform representing the aspirations of emerging markets and developing economies.
“Intra-BRICS merchandise trade has risen thirteen-fold, from USD 84 billion in 2003 to USD 1.17 trillion in 2024,” he said, adding that the bloc’s trade growth has outpaced global trade expansion and contributed to greater resilience and diversification for member countries.
He noted that despite the sharp rise in trade, intra-BRICS trade still accounts for only around five per cent of global trade, indicating considerable scope for stronger value-chain linkages and expanded economic engagement.
The meeting was held under the theme “Building for Resilience, Innovation, Cooperation and Sustainability” and followed the first CGETI meeting conducted virtually in March this year.
Agrawal said BRICS has continued to strengthen its role despite challenges such as rising protectionism, geopolitical tensions, supply chain disruptions, inflationary pressures and global uncertainty.
The discussions during the meeting focused on strengthening the multilateral trading system, promoting resilient and diversified global value chains, expanding services trade and supporting the internationalisation of Micro, Small and Medium Enterprises (MSMEs) to generate employment opportunities.
Delegates also explored ways to promote balanced trade and create new opportunities for farmers, women, entrepreneurs and businesses through deeper intra-BRICS cooperation.
India, which is chairing BRICS for the fourth time after 2012, 2016 and 2021, also showcased its efforts to strengthen international financial and trade infrastructure.
On May 15, delegates visited GIFT City and toured its facilities, including the command and control centre. Officials gave a presentation on initiatives aimed at developing GIFT City into a global financial hub for banking, capital markets, leasing and fund management services.
The discussions also highlighted India’s growing trade engagement with BRICS nations. According to official data, India’s merchandise exports to BRICS countries were estimated at USD 82 billion in FY 2025-26, while services exports stood at USD 31.3 billion in calendar year 2024.
