BRICS trade could nearly double to USD 800 billion in five years: ASSOCHAM Secretary General

New Delhi [India], September 11 (ANI): Trade among BRICS economies could nearly double to around USD 800 billion over the next five years as member countries deepen cooperation across sectors, ASSOCHAM Secretary General Saurabh Sanyal has said, adding that sanctions on Russia and Iran are unlikely to come in the way of the grouping's economic collaboration.

Speaking with ANI on the BRICS Summit and emerging trade opportunities, Sanyal said collaboration, cooperation and growth emerged as the key themes during discussions among BRICS leaders and at the business forum.

“At ASSOCHAM, we think it was collaboration, it was cooperation and it was growth. These are the three words which were discussed very elaborately among the BRICS leaders as also in the business-to-business forum,” he said.

Referring to the current scale of trade within the grouping and its future potential, Sanyal said, “Today it is 400 plus US billion dollars as far as the trade is concerned. And it is going to catapult to almost double in the next five years, which is going to be at least USD 800 billion and slightly less than USD 1 trillion.”

He said India's expanding startup ecosystem and technology capabilities can  also play an important role in strengthening business links across BRICS economies.

“The startup ecosystem is growing like anything in India. And it will become a game changer for the BRICS business forum,” Sanyal said.

He added that technological interventions could influence sectors ranging from defence and logistics to agriculture and food security.

“Whether it is defence, whether it is shipping and logistics, whether it is food security and agriculture, the technology is going to play a vital role in the entire BRICS ecosystem,” he said.

On the impact of international sanctions on Russia and Iran, Sanyal said he did not expect these to obstruct cooperation within BRICS.

“I feel the sanctions….even Russia has got sanctions, as well as Iran has got sanctions, that is not going to come in the way of BRICS collaboration and BRICS cooperation,” he said.

He also highlighted India's economic relations with Iran and Russia, saying New Delhi continues to maintain trade and business ties with both countries. (ANI)

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