Rajesh Agrawal Highlights Trade and Economic Cooperation at BRICS Meeting

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. The meeting followed the first CGETI meeting held virtually in March 2026.

Shri Agrawal underscored that BRICS has continued to grow stronger and has emerged as an influential voice representing the aspirations and priorities of emerging markets and developing economies. He noted that this has happened despite rising protectionism, geopolitical tensions, supply chain disruptions, inflationary pressures and growing uncertainty.

He highlighted that intra-BRICS merchandise trade has risen thirteen-fold, from US$ 84 billion in 2003 to US$ 1.17 trillion in 2024, outpacing the growth in global trade and contributing to greater resilience and diversification for member countries. He added that intra-BRICS trade still accounts for only around 5 per cent of global trade, indicating significant untapped potential for deeper trade integration, stronger value-chain linkages and enhanced economic cooperation.
(updated on 16th May 2026)