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Intra-BRICS Trade Rises 13-Fold in 21 Years to $1.17 Trillion, Says Commerce Secretary

fold in 21 yrs, touches $1.17 trillion: Commerce Secretary
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BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSaudi ArabiaSouth AfricaUnited Arab Emirates
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Economic GrowthInclusive MultilateralismInstitutional Development

Source: Lokmat Times | Original Published At: 2026-05-16 12:03:31 UTC

Key Points

  • India’s Commerce Secretary said intra-BRICS merchandise trade increased from $84 billion in 2003 to $1.17 trillion in 2024.
  • The remarks were made at the 2nd meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) in Gandhinagar.
  • Officials said BRICS trade growth has outpaced global trade growth despite protectionism, geopolitical tensions, and supply-chain disruptions.
  • The article notes intra-BRICS trade is still about 5% of global trade, indicating room for deeper integration.
  • India’s exports to BRICS members were cited as $82.0 billion in merchandise (FY26 estimate) and $31.3 billion in services (CY24).
  • Discussions focused on multilateral trade support, MSME internationalization, stronger and diversified global value chains, and services trade expansion.
  • The report states India is holding the BRICS Chairship again, following earlier chairships in 2012, 2016, and 2021.
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