New Delhi, May 16: Intra-BRICS merchandise trade has expanded nearly thirteen-fold over the last two decades, rising from $84 billion in 2003 to $1.17 trillion in 2024, reflecting the growing economic influence and resilience of the bloc amid global uncertainties, according to Rajesh Agrawal.
Addressing the second meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI), Agrawal said the grouping has emerged as a powerful platform representing the priorities and aspirations of emerging markets and developing economies.
He noted that the sharp increase in intra-BRICS trade has outpaced global trade growth despite rising protectionism, geopolitical tensions, supply chain disruptions, inflationary pressures, and broader economic uncertainty.
However, Agrawal highlighted that intra-BRICS trade still accounts for only around 5% of global trade, indicating substantial untapped potential for deeper trade integration, stronger supply chain linkages, and expanded economic cooperation among member countries.
According to the Ministry of Commerce and Industry, India’s merchandise exports to BRICS countries stood at approximately $82 billion in FY26, while services exports were estimated at $31.3 billion in calendar year 2024.
Officials said the figures underline growing opportunities for expanding cooperation in services trade, connectivity, and diversified value chains, which are expected to become key drivers of future intra-BRICS economic growth.
The meeting was held under India’s BRICS 2026 Chairship theme, “Building for Resilience, Innovation, Cooperation and Sustainability”, and followed the first CGETI meeting conducted virtually in March 2026.
India is chairing the BRICS grouping for the fourth time after previous chairships in 2012, 2016, and 2021.
The discussions focused on strengthening the multilateral trading system, improving global value chain resilience, supporting the internationalisation of micro, small and medium enterprises (MSMEs), and expanding services trade among member nations.
Delegates also discussed measures to promote balanced trade growth and create new economic opportunities for farmers, women entrepreneurs, startups, and businesses through enhanced intra-BRICS cooperation.
The expanded BRICS grouping currently includes Brazil, Russia, India, China, South Africa, along with newer members including Egypt, Ethiopia, Iran, Saudi Arabia, United Arab Emirates and Indonesia.
