New Delhi [India], May 16 (ANI): Intra-BRICS merchandise trade has grown to USD 1.17 trillion in 2024 from USD 84 billion in 2003, Commerce Secretary Rajesh Agrawal said while highlighting the growing economic cooperation among BRICS nations, according to a release issued by the Ministry of Commerce and Industry on Saturday.

While delivering the keynote address at the 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) held in Gandhinagar, Gujarat, Agrawal said intra-BRICS merchandise trade has risen 'thirteen-fold' from USD 84 billion in 2003 to USD 1.17 trillion in 2024, the release said.

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'.

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

Held under the theme 'Building for Resilience, Innovation, Cooperation and Sustainability', the meeting focused on contemporary trade issues, including strengthening the multilateral trading system, supporting the internationalisation of Micro, Small and Medium Enterprises (MSMEs), making global value chains more resilient and diversified, and expanding services trade, the release said.

According to the release, the discussions also explored ways to promote more balanced trade, open new opportunities in the services sector, and advance prosperity for stakeholders, including farmers, women, entrepreneurs and businesses through greater intra-BRICS trade.

The release further said delegates visited GIFT City in Gandhinagar on May 15 and were briefed on initiatives to develop it as a global financial hub for banking, capital markets, fund management, leasing and other financial services.

The release noted that India's exports to BRICS member countries stood at an estimated USD 82 billion in merchandise goods during FY 2025-26 and USD 31.3 billion in services in calendar year 2024, indicating further scope for expanding intra-BRICS trade. (ANI)