Rajesh Agrawal highlighted the growing importance of trade and economic cooperation among BRICS nations during the 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) held in Gandhinagar, Gujarat.
Addressing delegates at the meeting, Agrawal said BRICS has emerged as a strong voice for emerging markets and developing economies despite global challenges such as geopolitical tensions, supply chain disruptions and inflationary pressures.
He noted that intra-BRICS merchandise trade increased from US$ 84 billion in 2003 to US$ 1.17 trillion in 2024, reflecting stronger economic engagement among member nations. However, he added that intra-BRICS trade still accounts for only around 5 per cent of global trade, indicating significant scope for further expansion.
The meeting was organised under the theme “Building for Resilience, Innovation, Cooperation and Sustainability” and focused on key trade-related issues including strengthening the multilateral trading system, improving global value chains and expanding services trade.
Delegates also discussed support for Micro, Small and Medium Enterprises (MSMEs), balanced trade growth and greater opportunities for entrepreneurs, farmers and women through deeper economic cooperation within BRICS. As part of the event, delegates visited GIFT City and reviewed initiatives aimed at developing the financial hub into a global centre for banking, capital markets and international financial services. India currently holds the BRICS Chairship for the fourth time after previously leading the grouping in 2012, 2016 and 2021.
