Intra-BRICS Trade Jumps 13-Fold In 21 Yrs, Touches $1.17 Trillion: Commerce Secretary

(MENAFN- IANS) Gandhinagar, May 16 (IANS) The 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, Rajesh Agrawal, Commerce Secretary said on Saturday.

Speaking at 2nd meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) here, the top government official 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.

"This has happened despite rising protectionism, geopolitical tensions, supply chain disruptions, inflationary pressures and growing uncertainty," Agrawal said.

However, indicating significant untapped potential for deeper trade integration, stronger value-chain linkages and enhanced economic cooperation the commerce secretary added that intra-BRICS trade still accounts for only around 5 per cent of global trade.

Discussions at CGETI also placed India'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 FY26 and $ 31.3 billion in services in CY24, the Ministry of Commerce & Industry said.

These point to further scope for deepening intra-BRICS trade, with services and connectivity emerging as important drivers of future growth.

This is the 2nd meeting of CGETI following the first CGETI meeting held virtually in March 2026.

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 and diversified and expanding services trade.

The meeting also provided an opportunity to discuss 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.

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