Unlocking BRICS: The Untapped Potential of Global Trade Integration

BRICS intra-group trade has expanded significantly but remains only 5% of global trade. Commerce Secretary Rajesh Agrawal highlights the vast untapped potential for deeper integration and stronger value chains. The 2nd BRICS Contact Group meeting focused on balancing trade and exploring service sector opportunities.

Commerce Secretary Rajesh Agrawal has emphasized the vast potential for further integration within the BRICS group, despite trade growing 13-fold from USD 84 billion in 2003 to USD 1.17 trillion in 2024.

Addressing the BRICS Contact Group on Trade and Economic Issues in Gandhinagar, he noted that BRICS trade accounts for only about 5% of global trade, indicating significant untapped opportunities.

Discussions also covered vital topics like balanced trade and new prospects within the services sector, aiming to bolster economic cooperation among the eleven-member group, which includes Brazil, China, India, and South Africa.