BRICS trade has increased 13-fold over the last 21 years, reaching $1.17 trillion in 2024, according to Commerce Secretary Rajesh Agrawal at the BRICS meeting in Gandhinagar.
BRICS Trade Surges 13-Fold in 21 Years to Reach $1.17 Trillion
Trade among BRICS nations has witnessed remarkable growth over the past two decades. Commerce Secretary Rajesh Agrawal said that intra-BRICS trade increased from $84 billion in 2003 to $1.17 trillion in 2024, marking a nearly 13-fold rise in 21 years.
Strong Growth Despite Global Challenges
The announcement was made during the second meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) held in Gandhinagar. The meeting focused on the theme “Building Resilience, Innovation, Cooperation and Sustainable Development,” with member nations discussing ways to strengthen trade and economic cooperation.
BRICS Emerging as a Powerful Voice for Developing Economies
Rajesh Agrawal stated that despite rising protectionism, geopolitical tensions, supply chain disruptions, inflationary pressures and global uncertainties, BRICS countries have continued to maintain strong trade growth. He noted that BRICS has emerged as an influential platform representing the aspirations and priorities of emerging and developing economies.
Significant Potential Still Remains in Global Trade
He also highlighted that trade among BRICS nations currently accounts for only around 5 percent of global trade. According to him, this indicates substantial opportunities for deeper trade integration, stronger value-chain partnerships and enhanced economic cooperation among member countries.
India’s Exports to BRICS Expected to Grow Further
The meeting also reviewed India’s trade engagement with BRICS countries. According to the Ministry of Commerce and Industry, India’s merchandise exports to BRICS member nations are projected to reach nearly $82 billion in FY 2025-26. Additionally, services exports stood at $31.3 billion in calendar year 2024.
Focus on Services Sector and MSME Growth
The ministry said that services, digital connectivity and trade cooperation are expected to become key pillars of future growth for BRICS economies. Discussions also focused on strengthening the multilateral trading system, promoting MSMEs globally, generating employment opportunities and diversifying global value chains.
India Assumes BRICS Presidency for the Fourth Time
India has taken over the BRICS presidency for the fourth time after previously leading the bloc in 2012, 2016 and 2021. The meeting also emphasized the need for more balanced trade among member countries and greater cooperation to support farmers, women entrepreneurs, businesses and startups across BRICS economies.
