Brics ministers discuss ways to balance, boost trade

Addressing the second meeting of Brics Contact Group on Trade and Economic Issues (CGETI) in Gandhinagar, Commerce Secretary Rajesh Agrawal said intra-Brics merchandise trade has grown 13-folds to $1.17 trillion in 2024 from $84 billion in 2003, but still it accounts for only 5% of global trade.

“There is significant untapped potential for deeper trade integration, stronger value-chain linkages and enhanced economic cooperation,” he said.

India’s merchandise exports to Brics member countries were estimated at$ 82.0 billion in FY2025-26 and the service exports stood at $31.3 billion for CY2024. The country, however, imports much more from Brics members, including China and Russia.

This point to further scope for deepening intra-Brics trade, with services and connectivity emerging as important drivers of future growth, a statement by Ministry of Commerce and Industry said.

The first contact group meeting was held virtually in March 2026. Agrawal said Brics has continued to grow stronger despite rising protectionism, geopolitical tensions, supply chain disruptions, inflationary pressures and growing uncertainty.

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 also 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 delegates on Friday visited GIFT City in Gandhinagar, which offered them an overview of India’s efforts to build a global hub for banking, capital markets, fund management, leasing and other financial services to support international trade.