Commerce Secretary, Shri Rajesh Agrawal addresses the 2nd BRICS CGETI meeting, citing intra-BRICS trade growth and India’s push for deeper economic integration.
Commerce Secretary Shri 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, on May 16, 2026. The meeting followed the first CGETI session held virtually in March 2026 and was convened under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.”
Shri Rajesh Agrawal highlighted that intra-BRICS merchandise trade has risen thirteen-fold from USD 84 billion in 2003 to USD 1.17 trillion in 2024, outpacing global trade growth and contributing to greater resilience and diversification for member countries. He noted, however, that intra-BRICS trade still accounts for only around 5% of global trade, indicating significant untapped potential for deeper trade integration, stronger value-chain linkages and enhanced economic cooperation. India is serving as BRICS Chair for the fourth time, having previously held the Chairship in 2012, 2016 and 2021.
Deliberations covered a range of contemporary trade issues including strengthening the multilateral trading system, supporting the internationalisation of MSMEs, building more resilient and diversified global value chains and expanding services trade. India’s merchandise exports to BRICS member countries were estimated at USD 82.0 billion in FY 2025–26, while services exports stood at USD 31.3 billion in CY 2024. On May 15, 2026, delegates visited GIFT City, Gandhinagar, and received a presentation on its development as a global hub for banking, capital markets, fund management, leasing and other financial services in support of international trade.
Source: Press Information Bureau (PIB)
