The Commerce Secretary revealed that intra-BRICS merchandise trade has surged from $84 billion in 2003 to $1.17 trillion in 2024, showing remarkable growth. Despite global challenges, BRICS has strengthened, becoming a significant voice for emerging markets and developing economies. The commerce secretary emphasized the need for deeper trade integration within BRICS, as it currently represents only about 5% of global trade.
India’s trade engagement with BRICS was discussed, with exports to member countries reaching $82.0 billion in merchandise goods and $31.3 billion in services. The focus was on enhancing intra-BRICS trade, especially in services and connectivity, to drive future growth. The second meeting of the BRICS Contact Group on Trade and Economic Issues highlighted the theme of resilience, innovation, cooperation, and sustainability.
Under India’s fourth BRICS Chairship, discussions centered on various trade issues, including strengthening the multilateral trading system and supporting small enterprises for job creation. The meeting aimed to make global value chains more resilient, expand services trade, and promote balanced trade within BRICS. It also explored ways to enhance prosperity for stakeholders like farmers, women, entrepreneurs, and businesses through increased intra-BRICS trade.
