Commerce Secretary Highlights BRICS Trade Growth in Gandhinagar

19 May 2026 CW Team

Agrawal said BRICS has strengthened as an influential voice for emerging markets despite protectionism, geopolitical tensions and supply chain disruptions. He highlighted that intra-BRICS merchandise trade rose 13-fold, from 84 bn United States dollar (USD) in 2003 to 1.17 tn USD in 2024, outpacing global trade growth and supporting resilience and diversification. He noted intra-BRICS trade still accounts for around five per cent of global trade, indicating scope for deeper integration and stronger value chain links.

Work proceeded under the theme Building for Resilience, Innovation, Cooperation and Sustainability and built on previous chairships. India has the BRICS chairship for the fourth time after 2012, 2016 and 2021. Delegates concentrated on strengthening the multilateral trading system, supporting the internationalisation of micro, small and medium enterprises and expanding services trade.

On 15 May delegates visited the Gujarat International Finance Tec City, known as GIFT City, and toured facilities including the command and control centre. A presentation outlined initiatives to develop GIFT City as a world class financial centre and to support international banking, capital markets and fund management. The visit aimed to showcase infrastructure and regulatory measures facilitating cross border finance.

Discussion placed India's engagement with BRICS in a wider trade context, citing recent data that India's merchandise exports to BRICS were estimated at 82.0 bn USD in fiscal year 2025-26 and services exports at 31.3 bn USD in calendar year 2024. Participants said services and connectivity can be drivers of future growth and widen opportunities for farmers, women, entrepreneurs and businesses through deeper intra-BRICS trade.

Commerce Secretary Rajesh Agrawal delivered the keynote at the second meeting of the BRICS Contact Group on Trade and Economic Issues in Gandhinagar, Gujarat. The meeting followed the group's first session, held virtually in March 2026. Officials met to assess cooperation on trade and economic issues. Agrawal said BRICS has strengthened as an influential voice for emerging markets despite protectionism, geopolitical tensions and supply chain disruptions. He highlighted that intra-BRICS merchandise trade rose 13-fold, from 84 bn United States dollar (USD) in 2003 to 1.17 tn USD in 2024, outpacing global trade growth and supporting resilience and diversification. He noted intra-BRICS trade still accounts for around five per cent of global trade, indicating scope for deeper integration and stronger value chain links. Work proceeded under the theme Building for Resilience, Innovation, Cooperation and Sustainability and built on previous chairships. India has the BRICS chairship for the fourth time after 2012, 2016 and 2021. Delegates concentrated on strengthening the multilateral trading system, supporting the internationalisation of micro, small and medium enterprises and expanding services trade. On 15 May delegates visited the Gujarat International Finance Tec City, known as GIFT City, and toured facilities including the command and control centre. A presentation outlined initiatives to develop GIFT City as a world class financial centre and to support international banking, capital markets and fund management. The visit aimed to showcase infrastructure and regulatory measures facilitating cross border finance. Discussion placed India's engagement with BRICS in a wider trade context, citing recent data that India's merchandise exports to BRICS were estimated at 82.0 bn USD in fiscal year 2025-26 and services exports at 31.3 bn USD in calendar year 2024. Participants said services and connectivity can be drivers of future growth and widen opportunities for farmers, women, entrepreneurs and businesses through deeper intra-BRICS trade.

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