Trade among BRICS nations has expanded dramatically over the past two decades, with intra-BRICS merchandise trade reaching USD 1.17 trillion in 2024, according to Commerce Secretary Rajesh Agrawal. Speaking at the second meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) in Gandhinagar, Agrawal underlined the growing influence of BRICS economies in reshaping global trade dynamics.
The BRICS grouping — comprising Brazil, Russia, India, China and South Africa, along with newly expanded members — has increasingly emerged as a significant economic bloc representing the interests of emerging markets and developing economies.
Commerce Secretary Rajesh Agrawal stated, “Intra-BRICS merchandise trade has risen thirteen-fold, from USD 84 billion in 2003 to USD 1.17 trillion in 2024,” highlighting the rapid expansion in trade and economic collaboration among member nations.
The Commerce Secretary noted that BRICS trade growth has significantly outperformed the pace of overall global trade expansion in recent years. This growth has strengthened economic resilience among member countries while also helping diversify trade partnerships amid ongoing geopolitical and economic uncertainty.
Despite the impressive increase in trade volumes, Agrawal pointed out that intra-BRICS trade still accounts for only around five per cent of global trade. This, he said, reflects enormous untapped potential for deeper value-chain integration, investment cooperation and market expansion.
The discussions at the Gandhinagar meeting focused on enhancing cooperation across multiple sectors, including manufacturing, services, digital trade and MSME participation.
The BRICS platform has continued to gain strategic importance as countries navigate rising protectionism, geopolitical tensions and supply-chain disruptions.
The meeting was organised under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.” Delegates discussed measures to strengthen global value chains and improve economic coordination among member nations.
Key discussion areas included:
Officials also discussed strategies to improve opportunities for women entrepreneurs, farmers, startups and small businesses through deeper intra-BRICS engagement.
India is chairing BRICS for the fourth time after earlier presidencies in 2012, 2016 and 2021. The country has been actively positioning itself as a key voice for the Global South and emerging economies.
As part of the meeting, delegates visited GIFT City on May 15. Officials presented India’s efforts to transform GIFT City into an international financial and trade hub.
The presentations highlighted initiatives in:
Delegates also toured the command and control centre, which demonstrated India’s push toward advanced financial infrastructure and digital trade systems.
India’s economic engagement with BRICS countries has expanded steadily over the years, supported by growing exports, investment flows and strategic partnerships.
According to official figures:
India has also been focusing on boosting cooperation in sectors such as pharmaceuticals, renewable energy, information technology, agriculture and digital public infrastructure.
The BRICS bloc has expanded significantly in recent years with the inclusion of new member countries such as Saudi Arabia, United Arab Emirates, Egypt, Iran and Ethiopia.
This expansion has increased the bloc’s collective economic influence, energy resources and population share, making BRICS an increasingly important force in global trade and geopolitics.
According to recent international estimates, BRICS nations now account for a significant share of global GDP, manufacturing activity and commodity production.
The rapid rise of intra-BRICS merchandise trade to USD 1.17 trillion highlights the growing economic strength and strategic importance of emerging economies in shaping the future global trade landscape. As geopolitical uncertainties, supply-chain disruptions and protectionist policies continue to challenge traditional trade systems, BRICS nations are increasingly positioning themselves as key drivers of economic resilience and diversification.
India’s active leadership role, combined with expanding trade engagement and initiatives like GIFT City, reflects its ambition to become a major global economic hub. However, with intra-BRICS trade still accounting for only around five per cent of global trade, the bloc holds enormous untapped potential for deeper integration, investment and innovation-driven cooperation.
If member nations continue strengthening value chains, improving connectivity and supporting inclusive growth, BRICS could emerge as one of the most influential economic alliances of the coming decades.