Intra-BRICS merchandise trade has expanded sharply to USD 1.17 trillion in 2024 from USD 84 billion in 2003, reflecting the growing economic engagement among member nations, according to the Ministry of Commerce and Industry.
Speaking at the 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) in Gandhinagar, Commerce Secretary Rajesh Agrawal said trade within the BRICS bloc has grown nearly thirteen-fold over the past two decades.
Despite this rapid growth, he noted that intra-BRICS trade still accounts for only around 5 percent of global trade, indicating substantial room for deeper economic integration, stronger supply chain linkages, and wider trade cooperation among member countries.
Agrawal said BRICS has continued to strengthen its role as a key platform representing the priorities of emerging economies and developing nations, even as the global economy faces rising protectionism, geopolitical tensions, supply chain disruptions, inflationary pressures, and broader uncertainty.
The meeting was held under the theme “Building for Resilience, Innovation, Cooperation and Sustainability” and focused on a range of contemporary trade priorities.
Key discussions included strengthening the multilateral trading system, supporting the internationalisation of micro, small and medium enterprises (MSMEs), making global value chains more resilient and diversified, and expanding services trade among member nations.
According to the ministry, participants also explored ways to promote more balanced trade flows, unlock opportunities in the services sector, and improve economic outcomes for a wider group of stakeholders, including farmers, women entrepreneurs, businesses, and small enterprises.
As part of the engagement, delegates also visited GIFT City in Gandhinagar on May 15, where they were briefed on efforts to position it as a global financial hub spanning banking, capital markets, fund management, leasing, and other financial services.
The ministry said India’s merchandise exports to BRICS countries were estimated at USD 82 billion in FY 2025-26, while services exports to the bloc stood at USD 31.3 billion in calendar year 2024, highlighting further opportunities for expanding trade within the grouping.
