Goyal calls for deeper BRICS trade relations

Union Commerce and Industry Minister Piyush Goyal on Friday said exports from BRICS countries have risen from about $900 billion in 2003 to $6 trillion in 2024, reflecting the scale of its market and potential.

Speaking at the BRICS Business Forum in New Delhi on Friday, Goyal also said the share of BRICS nations in global exports has nearly doubled to about 24 per cent.

“This is the largest BRICS business forum ever held. The Forum has taken up issues such as non-tariff barriers impacting global value chains, agriculture and agri-technologies, services trade, women-led enterprises and digital economy,” he said.

Addressing the Opening Session of BRICS Business Forum 2026, he said India has taken significant initiatives in laying out a digital public infrastructure. India’s Unified Payments Interface (UPI) has crossed over 250 billion transactions a year, representing more than half of the transactions by volume across the world. “Today, it (UPI) is also accepted in 11 countries and I would urge the BRICS member countries and partner countries to link our payment systems, trade in each other’s local currencies, make digital trade global and build together for the future emerging technologies,” he said.

Goyal also said that trade amongst partners should be deep, and resilient with diversified supply chains, ensuring that at no point of time trade becomes an impediment to growth and the well-being of the people of each member state. “We should open our markets for each other’s products, including for raw materials and critical minerals. Our supply chains will be resilient when they run both ways,” he said adding non-tariff measures lead to higher export costs, which are even more than the tariff measures.

He called for making market access easier and smoother for businesses.

“I urge BRICS member States and partner countries to open their markets while working together to simplify regulatory procedures and facilitate faster clearance of consignment,” the minister said. He also called for encouraging agri-tech startups to develop solutions together for farmers across the BRICS nations in the interest of food security for people. “Let us open our services markets to each other in a real sense.

Let professionals move easily across borders and make it easier to recognise each other’s professional qualifications,” he said.

He added that sectors including agriculture, pharmaceuticals, engineering, electronics, automobiles, auto components, and services hold immense potential for increasing cooperation.

Speaking at the session, Russian Economic Development Minister Maxim Reshetnikov said, “We stand for concrete steps to foster resilient supply chains, to accelerate green and digital transition...Russia strongly welcomes foreign businesses to enter our country. Today we are the economy of opportunities.”

He suggested BRICS members to focus on two specific initiatives — BRICS grain exchange, and BRICS SEZs Association.

He added that BRICS countries are among the world’s leading producers and consumers, but they still rely on price benchmarks that reflect the interests of entirely different markets.

“We urgently need two independent mechanisms for strategic agricultural commodities,” Reshetnikov said adding Russia has prepared a detailed plan to establish the BRICS grain exchange.

It’s a unified trading platform where producers, traders and buyers can conclude transactions directly, he said adding “we call upon partners’ feedback at the public and the private level”.

He called for joining hands in developing BRICS business navigator for investors and to participate in SEZs ranking across BRICS countries.

“Today fragmentation divides, instability isolates, but together we endure. The strength of BRICS lies not in what each of us can achieve alone, but in what we can build side by side. That is resilient supply chains, shared prosperity and a more balanced global economy. Let us continue this work not as competitors, but as partners in shared economic future,” he said.

Commerce Secretary Rajesh Agarwal called for taking steps to bridge trade finance gaps.

“With the global trade finance gap estimated at USD 2.5 trillion, we should enable exporters to access affordable working capital based on confirmed orders and reliable payment records,” he said.

The Jaipur consensus provides an important foundation for exploring a common BRICS mechanism in this regard.

Adopted at the 16th BRICS trade ministers’ meeting in August 2026 in Jaipur, under India’s BRICS chairship. the Jaipur consensus focuses on easing trade-finance constraints for micro, small, and medium enterprises.

“The (BRICS) ministers further resolved to strengthen the global value chains through BRICS Connect, enhanced B2B partnerships, an annual BRICS Trade and Investment Expo, digital trade documentation and greater cooperation across multiple sectors, including healthcare,” Agarwal said.