**Executive Summary**
The 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) was held in Gandhinagar, Gujarat, concluding on 16 May 2026. Chaired by India, the meeting focused on leveraging the untapped potential of intra-BRICS trade, which reached USD 1.17 trillion in 2024, and addressing contemporary issues such as MSME internationalization and resilient value chains. Key activities included a high-level tour of GIFT City to showcase India’s emerging global financial services hub.
**Key Points / Main Content**
**Trade Performance and Growth**
* Intra-BRICS merchandise trade has grown thirteen-fold from USD 84 billion in 2003 to USD 1.17 trillion in 2024.
* Despite significant growth, intra-BRICS trade represents only 5% of global trade, suggesting substantial room for deeper economic integration.
* India’s merchandise exports to BRICS members were estimated at USD 82.0 billion for FY 2025-26, with services exports at USD 31.3 billion for CY 2024.
**Strategic Deliberations**
* The meeting operated under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.”
* Focus areas included strengthening the multilateral trading system and promoting more balanced trade among member nations.
* Discussions highlighted the need to make global value chains more resilient and diversified while expanding the trade of services.
* Connectivity and services were identified as the primary drivers for future growth within the bloc.
**Development of Financial Hubs**
* Delegates visited GIFT City, Gandhinagar, on 15 May 2026 to tour the command and control center and financial facilities.
* Presentations focused on developing GIFT City as a world-class center for banking, capital markets, fund management, and leasing to support international trade.
**Support for Small Businesses and Inclusion**
* A major priority was the internationalization of Micro, Small and Medium Enterprises (MSMEs) to drive employment.
* The CGETI aimed to create opportunities for diverse stakeholders, specifically farmers, women, and entrepreneurs, through enhanced intra-BRICS cooperation.
**Impact Analysis**
**BRICS Member Countries**
**Impact**
Member nations benefit from an influential collective voice in the global economy and a framework to combat protectionism and supply chain disruptions.
**Action Required**
Countries must collaborate to strengthen value-chain linkages and deepen trade integration to realize the untapped 95% of global trade potential.
**Micro, Small and Medium Enterprises (MSMEs)**
**Impact**
MSMEs are positioned as central to employment generation through new internationalization initiatives.
**Action Required**
Businesses in this sector should align with new trade frameworks to access global value chains and expanded services trade.
**GIFT City and Financial Service Providers**
**Impact**
GIFT City is being positioned as a global hub for international financial services, attracting interest from BRICS delegates for banking and fund management.
**Action Required**
Management and stakeholders must continue developing world-class infrastructure and leasing services to support the anticipated increase in international trade volume.
**Farmers, Women, and Entrepreneurs**
**Impact**
These groups are identified as key beneficiaries of balanced trade and new opportunities within the services sector.
**Action Required**
Stakeholders should prepare to engage with more open and diversified service sector opportunities resulting from enhanced intra-BRICS cooperation.
Key Entities Referenced
BRICS Contact Group on Trade and Economic Issues (CGETI): The primary forum for BRICS member countries to discuss trade integration, multilateral trading systems, and global value chain resilience.
Rajesh Agrawal: The Commerce Secretary who delivered the keynote address emphasizing the untapped potential of intra-BRICS trade and India's chairship goals.
GIFT City, Gandhinagar: A world-class financial center and global hub for financial services that was showcased to delegates to support international trade.
BRICS: The international group of emerging economies (Brazil, Russia, India, China, and South Africa) focusing on economic cooperation and trade diversification.
Ministry of Commerce & Industry
Commerce Secretary Shri Rajesh Agrawal
Highlights Trade and Economic Cooperation at
BRICS Meeting in Gandhinagar
Intra-BRICS Trade Reaches USD 1.17 Trillion, Has Huge
Untapped Potential: Commerce Secretary Shri Rajesh
Agrawal
Posted On: 16 MAY 2026 4:17PM by PIB Delhi
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. 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.
Held under the theme “Building for Resilience, Innovation, Cooperation and Sustainability”, the meeting
built on the work undertaken under previous Chairships. India has assumed the BRICS Chairship for the
fourth time, after 2012, 2016 and 2021. The deliberations focused on contemporary trade issues, including
strengthening the multilateral trading system, supporting the internationalisation of Micro, Small and
Medium Enterprises to create employment, making global value chains more resilient & diversified and
expanding services trade. The meeting also provided an opportunity to discuss ways to promote more
balanced trade, open new opportunities in the services sector and advance prosperity for key stakeholders,
including farmers, women, entrepreneurs and businesses, through greater intra-BRICS trade.
On 15 May 2026, delegates visited GIFT City, Gandhinagar, and toured its facilities, including the
command and control centre. A presentation was made on initiatives to develop GIFT City as a world-
class financial centre. The visit offered delegates an overview of India’s efforts to build a global hub for
banking, capital markets, fund management, leasing and other financial services to support international
trade.
Discussions at CGETI also placed India’s engagement with BRICS in a wider trade context. India’s
exports to BRICS member countries were estimated at US$ 82.0 billion in merchandise goods in FY
2025-26 and US$ 31.3 billion in services in CY 2024, as per latest data available. These point to furtherscope for deepening intra-BRICS trade, with services and connectivity emerging as important drivers of
future growth.
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Abhishek Dayal/Garima Singh/Anushka Pandey
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