BRICS Nations Witness Thirteen-Fold Surge in Intra-Trade Since 2003

Intra-BRICS merchandise trade has expanded from USD 84 billion in 2003 to USD 1.17 trillion in 2024. Despite accounting for just 5% of global trade, substantial potential exists for deeper integration. The 2nd BRICS CGETI meeting in Gandhinagar spotlighted enhancing economic cooperation amid global challenges.

Intra-BRICS merchandise trade has soared from USD 84 billion in 2003 to an impressive USD 1.17 trillion in 2024, according to Commerce Secretary Rajesh Agrawal. This significant growth was highlighted by Agrawal at the 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) held in Gandhinagar, Gujarat. The Ministry of Commerce and Industry released a statement indicating the remarkable thirteen-fold increase in trade volume among BRICS nations.

Agrawal noted that intra-BRICS trade comprises only about 5% of global trade, suggesting substantial untapped potential for stronger economic ties, value-chain linkages, and comprehensive cooperation. Despite the challenges posed by protectionism, geopolitical tensions, supply chain disruptions, and inflation, BRICS continues to present a powerful voice for emerging markets and developing economies.

The summit, themed "Building for Resilience, Innovation, Cooperation and Sustainability," addressed current trade concerns such as fortifying the multilateral trading system and advancing the internationalisation of MSMEs. Discussions delved into making global value chains more resilient and expanding services trade to create inclusive growth opportunities for stakeholders, including farmers, women, and entrepreneurs. During the visit to GIFT City on May 15, delegates were briefed on its development as a global financial hub, further emphasizing India's commitment to enhancing trade within the BRICS framework.