GANDHINAGAR: Highlighting the immense untapped potential within emerging economies, Union Commerce Secretary Shri Rajesh Agrawal delivered the keynote address at the 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) in Gandhinagar, Gujarat.
Addressing delegates under India’s fourth BRICS Chairship, Agrawal revealed that intra-BRICS merchandise trade has surged thirteen-fold—multiplying from $84 billion in 2003 to $1.17 trillion in 2024—outpacing global trade growth despite severe geopolitical tensions and supply chain disruptions.
Bridging the Untapped Trade Potential
Despite the trillion-dollar milestone, the Commerce Secretary pointed out that intra-BRICS commerce currently accounts for only 5% of global trade, signaling a massive runway for deeper economic integration.
To bridge this gap, India’s engagement framework is focusing on critical growth vectors. According to the latest data, India’s exports to BRICS partners reached $82.0 billion in merchandise goods (FY 2025–26) and $31.3 billion in services (CY 2024), establishing services and cross-border connectivity as primary drivers for future expansion.
Strategic Deliberations & Agenda
Operating under the 2026 theme “Building for Resilience, Innovation, Cooperation and Sustainability,” the high-level cluster focused on several core structural reforms:
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MSME Internationalization: Designing pathways to link Micro, Small, and Medium Enterprises to global markets to accelerate employment generation.
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Value Chain Resilience: Diversifying global manufacturing corridors to buffer member nations against unilateral protectionism and market uncertainties.
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Inclusive Prosperity: Balancing trade mechanisms to directly benefit grassroots stakeholders, including farmers, women entrepreneurs, and small businesses.
Showcasing GIFT City to BRICS Delegates
As part of the summit, international delegates toured GIFT City (Gujarat International Finance Tec-City) in Gandhinagar, exploring its centralized command and control infrastructure. The Ministry of Commerce organized a comprehensive showcase detailing India’s roadmap to establish the enclave as a premier global hub for international banking, fund management, capital markets, and aircraft/ship leasing to seamlessly back future intra-BRICS trade operations.
