BRICS trade jumped 13-fold to over $1 trillion in 2 decades: Commerce Secy

Intra-BRICS merchandise trade has surged thirteen-fold over the past two decades -- from $84 billion in 2003 to $ 1.17 trillion in 2024 -- reflecting the growing economic weight of the grouping despite rising global uncertainties, Commerce Secretary Rajesh Agrawal said on Saturday.

Addressing the second meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) in Gandhinagar, Agrawal said BRICS had emerged as an influential voice for emerging markets and developing economies at a time of increasing protectionism, geopolitical tensions and supply chain disruptions.

He noted that the sharp rise in intra-BRICS trade had outpaced the growth of global trade and contributed to greater economic resilience and diversification among member nations.

However, Agrawal said intra-BRICS trade still accounted for only around five per cent of global trade, indicating “significant untapped potential” for deeper economic integration, stronger value-chain linkages and expanded cooperation.

Held under the theme “Building for Resilience, Innovation, Cooperation and Sustainability”, the meeting focused on strengthening the multilateral trading system, promoting resilient supply chains and expanding trade in services.

Discussions also centred on supporting the internationalisation of micro, small and medium enterprises (MSMEs), creating employment opportunities and promoting more balanced trade within the bloc.

India, which has assumed the BRICS chairmanship for the fourth time after 2012, 2016 and 2021, also used the meeting to showcase its financial infrastructure initiatives.

According to official data, India’s merchandise exports to BRICS countries stood at an estimated US$ 82 billion in FY 2025-26, while services exports were valued at US$ 31.3 billion in calendar year 2024.