New Delhi : Commerce Secretary Rajesh Agrawal delivered the keynote address at the 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI), held in Gandhinagar, Gujarat, following the inaugural virtual meeting in March 2026.
In his address, Agrawal highlighted that BRICS has grown into a stronger and more influential platform representing the interests of emerging markets and developing economies, despite global headwinds such as protectionism, geopolitical tensions, supply chain disruptions and inflationary pressures.
He noted that intra-BRICS merchandise trade has expanded significantly, rising from US$ 84 billion in 2003 to US$ 1.17 trillion in 2024—reflecting a thirteen-fold increase that has outpaced global trade growth. However, he pointed out that intra-BRICS trade still accounts for only around 5% of global trade, indicating substantial untapped potential for deeper economic integration, stronger value chains and enhanced cooperation among member countries.
The meeting, held under the theme “Building for Resilience, Innovation, Cooperation and Sustainability,” built on previous BRICS chairship discussions. India is currently holding the BRICS Chairship for the fourth time, having previously chaired the grouping in 2012, 2016 and 2021.
Deliberations focused on key contemporary trade priorities, including strengthening the multilateral trading system, promoting the internationalisation of Micro, Small and Medium Enterprises (MSMEs), improving resilience and diversification of global value chains, and expanding trade in services. Participants also explored ways to promote more balanced trade and create new opportunities for farmers, women entrepreneurs and businesses through enhanced intra-BRICS cooperation.
As part of the programme, delegates visited GIFT City in Gandhinagar on May 15, 2026, where they toured key facilities including the command and control centre. A presentation showcased India’s efforts to develop GIFT City into a global financial hub for banking, capital markets, fund management and other financial services supporting international trade.
Officials noted that India’s exports to BRICS countries stood at US$ 82.0 billion in merchandise trade in FY 2025–26 and US$ 31.3 billion in services in 2024, indicating significant scope for further expansion, particularly in services and connectivity-led growth.