India’s Commerce and Industry Minister has called for stronger and more balanced trade among BRICS nations, arguing that member countries should reduce barriers and work together on key sectors. The appeal came during the opening of the BRICS Business Forum in New Delhi, organised by the Ministry of Commerce and Industry. The remarks affect businesses, entrepreneurs and exporters across India and other BRICS member nations seeking to expand trade partnerships.
What the Minister is proposing
Shri Piyush Goyal emphasised that BRICS countries, which together account for nearly one-fourth of global trade, need to deepen economic ties by opening their markets to each other’s goods and simplifying customs procedures. He pointed out that non-tariff barriers impose higher export costs than tariffs for 88 per cent of countries, making it harder for businesses to cross borders efficiently.
The Minister urged BRICS members to work together in specific sectors:
- Agriculture and agri-tech, with startups jointly developing solutions for food security across BRICS nations
- Pharmaceuticals, where India is known as the pharmacy of the world
- Engineering goods and electronics
- Automobiles and auto components
- Services, including easier movement of professionals and recognition of qualifications
- Startups and emerging technologies
Goyal also pushed for linking payment systems and promoting trade in local currencies rather than relying solely on other countries’ money. He highlighted India’s Unified Payments Interface (UPI), which processes over 250 billion transactions annually and is already accepted in 11 countries.
The Minister noted that India has over 250,000 recognised startups, with more than 45 per cent having at least one woman partner or director. He called for greater participation of women-led enterprises in BRICS trade fairs and business opportunities.
Commerce Secretary Shri Rajesh Agrawal noted that BRICS trade has grown from USD 84 billion in 2003 to nearly USD 1.2 trillion in 2024, showing the potential for further expansion.
What this means for you
If these recommendations are adopted, Indian businesses in pharmaceuticals, engineering, electronics and agriculture could find it easier to sell to BRICS markets. Startups may gain access to new funding and partnership opportunities through BRICS collaboration. Professionals working across borders may face fewer obstacles. Consumers could benefit from more diverse products and services at competitive prices, while women entrepreneurs may find more platforms to showcase their businesses internationally.