BRICS eye mutually reinforcing policy levers to boost intra-bloc trade

Source: The Indian Express | Original Published At: 2026-09-12 14:09:48 UTC

Key Points

• BRICS members accounted for 21.6% of global exports in 2025, while intra-BRICS trade was 4.1%.
• Intra-BRICS trade is described as China-centred, with China's exports to and imports from other BRICS members at $551 billion and $465 billion, respectively, in 2025.
• India recorded the largest trade deficit among BRICS members at $226 billion, according to the report.
• A UNCTAD report said BRICS lacks a comprehensive bloc-wide trade agreement and recommended a Trade+ strategy, including a region-wide trade agreement and reforms to BRICS trade workstreams.
• The New Delhi Declaration reiterated commitments to explore efficient cross-border payments, interoperable payment and messaging channels, and trade and investment settlements in BRICS local currencies.
• The declaration endorsed a study on setting up an Invoice Discounting Mechanism for BRICS members to improve MSME access to finance and participation in international trade.
• The 11 BRICS members are home to about 266 million MSMEs, with India accounting for 94.91 million, or 36%.