Commerce Secretary says intra-BRICS trade is just 5% of global trade, sees untapped potential

Highlighting trade and economic cooperation at a BRICS Meeting in Gandhinagar, Commerce Secretary Rajesh Agrawal has said that intra-BRICS trade has huge, untapped potential from $1.17 trillion currently.

The Commerce Secretary had delivered the keynote address at the 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI), held in Gandhinagar in Gujarat, after the first CGETI meeting held virtually in March 2026.

India’s Commerce Ministry said that the discussions at CGETI also placed the country’s engagement with BRICS in a wider trade context. India’s exports to BRICS member countries were estimated at $82.0 billion in merchandise goods in FY 2025-26 and $31.3 billion in services in CY 2024.

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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 $84 billion in 2003 to $1.17 trillion in 2024, outpacing the growth in global trade and contributing to greater resilience and diversification for member countries.

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He added that intra-BRICS trade still accounts for only around 5% 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.

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The meeting witnessed discussions on 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 15th May, delegates visited GIFT City in Gandhinagar, including the command and control centre.

(Edited by : Jomy Jos Pullokaran)