India Calls for Stronger BRICS Trade Cooperation at Key Economic Meeting in Gujarat

In his keynote address, Shri Rajesh Agrawal said BRICS has continued to strengthen its role as an influential platform representing the aspirations and priorities of emerging markets and developing economies.

Commerce Secretary Shri Rajesh Agrawal highlighted the growing economic importance of BRICS nations and called for deeper trade integration, stronger value-chain partnerships, and greater cooperation among emerging economies while addressing the 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) in Gandhinagar, Gujarat.

The meeting brought together BRICS representatives under India's 2026 Chairship and focused on strengthening economic resilience, innovation, sustainability, and trade cooperation amid growing global uncertainty and protectionist trends.

BRICS Emerging as Powerful Voice for Developing Economies

In his keynote address, Shri Rajesh Agrawal said BRICS has continued to strengthen its role as an influential platform representing the aspirations and priorities of emerging markets and developing economies.

He noted that BRICS has grown stronger despite multiple global challenges, including:

• Rising protectionism

• Geopolitical tensions

• Supply chain disruptions

• Inflationary pressures

• Global economic uncertainty

According to Agrawal, BRICS countries have increasingly demonstrated resilience by strengthening economic partnerships and diversifying trade relationships.

Intra-BRICS Trade Surpasses $1 Trillion

The Commerce Secretary highlighted the rapid growth in trade among BRICS member countries over the past two decades.

He stated that intra-BRICS merchandise trade increased thirteen-fold from:

• US$ 84 billion in 2003to

• US$ 1.17 trillion in 2024

According to Agrawal, the pace of growth in intra-BRICS trade has outperformed global trade growth, helping member nations improve economic resilience and diversify markets.

However, he pointed out that intra-BRICS trade still represents only around 5 percent of global trade, indicating substantial untapped potential for future expansion.

He said this creates opportunities for:

• Deeper trade integration

• Stronger value-chain linkages

• Expanded economic cooperation

• Greater connectivity among member economies

Theme Focuses on Resilience and Sustainability

The CGETI meeting was held under the theme:

"Building for Resilience, Innovation, Cooperation and Sustainability."

The discussions built upon initiatives and priorities established during previous BRICS chairships.

India is currently holding the BRICS Chairship for the fourth time after earlier chairships in:

• 2012

• 2016

• 2021

Officials said the 2026 discussions reflected growing interest in enhancing cooperation among BRICS economies at a time of changing global trade dynamics.

Key Trade Issues Discussed

Delegates at the meeting discussed several major contemporary trade and economic issues affecting developing economies.

Key areas of discussion included:

Strengthening the Multilateral Trading System

Participants emphasized the importance of preserving and strengthening global multilateral trade frameworks amid increasing global fragmentation and trade restrictions.

Supporting MSME Internationalisation

Delegates discussed measures to help Micro, Small and Medium Enterprises (MSMEs) expand internationally and create employment opportunities.

Resilient and Diversified Global Value Chains

The meeting examined ways to make global supply chains more resilient, diversified, and less vulnerable to geopolitical disruptions.

Expanding Services Trade

Services trade was highlighted as a major future growth driver for BRICS economies.

Participants explored opportunities to improve cooperation in areas such as:

• Digital services

• Financial services

• Professional services

• Technology-driven sectors

Focus on Inclusive Economic Growth

The meeting also explored ways to ensure that deeper BRICS cooperation contributes to broader and more inclusive economic growth.

Discussions focused on creating opportunities for:

• Farmers

• Women entrepreneurs

• MSMEs

• Start-ups

• Businesses across member countries

Officials said increased intra-BRICS trade could help generate broader prosperity and strengthen economic participation across multiple sectors.

Delegates Visit GIFT City in Gujarat

On 15 May 2026, delegates participating in the meeting visited Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.

The delegation toured several facilities, including:

• The command and control centre

• Financial services infrastructure

• International business facilities

Officials also presented India's vision for developing GIFT City into a world-class global financial centre.

The presentation highlighted initiatives to strengthen GIFT City as a hub for:

• Banking

• Capital markets

• Fund management

• Leasing

• International financial services

The visit provided delegates with insights into India's efforts to support international trade and investment through modern financial infrastructure.

India Highlights Broader BRICS Trade Engagement

The discussions also placed India's BRICS engagement within a broader trade and economic context.

According to the latest available data:

• India's merchandise exports to BRICS countries reached approximately US$ 82 billion in FY 2025-26

• India's services exports to BRICS economies stood at around US$ 31.3 billion in calendar year 2024

Officials said these figures demonstrate the growing importance of BRICS markets for India's trade strategy.

At the same time, they noted there remains significant scope to further deepen economic integration, especially in:

• Services trade

• Connectivity

• Investment cooperation

• Technology partnerships

BRICS Expanding Role in Global Economy

BRICS — originally comprising Brazil, Russia, India, China, and South Africa — has increasingly positioned itself as a major platform for cooperation among emerging economies.

The grouping has expanded its influence in areas including:

• Trade

• Development finance

• Infrastructure

• Energy

• Technology

• Global governance reform

As global economic power continues shifting toward emerging markets, BRICS countries are seeking to strengthen coordination and promote alternative growth partnerships.

Growing Importance of South-South Cooperation

The Gandhinagar meeting also reflected broader efforts to strengthen South-South economic cooperation among developing countries.

Many BRICS members have emphasized the need for:

• More balanced global trade systems

• Greater representation of developing economies

• Diversified supply chains

• Reduced dependence on traditional economic blocs

India's chairship has focused on themes of resilience, sustainability, innovation, and inclusive growth.

Officials said strengthening intra-BRICS economic cooperation could help member countries better manage global economic volatility while supporting long-term development goals.

Services and Connectivity Seen as Future Growth Drivers

Participants identified services trade and improved connectivity as important future drivers of BRICS economic growth.

Areas seen as having strong growth potential include:

• Digital economy

• Financial services

• Logistics

• Technology services

• E-commerce

• Infrastructure cooperation

India has increasingly emphasized services exports and digital innovation as major components of its international trade strategy.

India Continues Expanding Global Trade Engagement

The BRICS meeting comes as India continues pursuing broader international trade and economic engagement through multiple bilateral and multilateral platforms.

India has been seeking to:

• Expand export markets

• Strengthen supply chain resilience

• Promote domestic manufacturing

• Increase global services exports

• Attract investment

Officials believe deeper BRICS cooperation can complement these broader economic objectives while strengthening partnerships among emerging economies.

The Gandhinagar meeting concluded with discussions on continuing collaboration under India's BRICS Chairship and advancing practical measures to enhance trade, connectivity, and economic resilience among member nations.