Goyal calls for deeper trade ties, resilient supply chains at BRICS Business Forum

New Delhi: Commerce and Industry Minister Piyush Goyal has called on BRICS member and partner countries to deepen trade partnerships through greater market access, diversified supply chains and simpler regulatory procedures.

Addressing the opening session of the BRICS Business Forum in New Delhi, Goyal said BRICS, which accounts for nearly one-fourth of global trade, has significant potential to expand intra-group commerce and economic cooperation.

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He urged member countries to open their markets to each other’s products, including raw materials and critical minerals, and facilitate faster clearance of consignments by reducing regulatory and non-tariff barriers. He noted that non-tariff measures impose higher export costs than tariffs for 88% of countries.

Goyal highlighted India’s capabilities in engineering goods, electronics, pharmaceuticals, agriculture, automobiles and services, and said BRICS offers an important market for Indian products and technologies.

He also called for greater cooperation in agriculture and agritech, easier movement of professionals and mutual recognition of professional qualifications. On digital trade, he proposed linking payment systems among BRICS countries and promoting trade in local currencies. He noted that India’s UPI processes more than 250 billion transactions annually and is accepted in 11 countries.

External Affairs Minister S. Jaishankar said BRICS has evolved substantially over the past 20 years and stressed the need for resilient supply chains, predictable business environments, diversified trade and investment relationships and stronger cooperation in digital technologies, AI, fintech and advanced manufacturing.

Commerce Secretary Rajesh Agrawal said trade among BRICS countries has increased from USD 84 billion in 2003 to nearly USD 1.2 trillion in 2024. He called for stronger global value chains through BRICS Connect, B2B partnerships, an annual BRICS Trade and Investment Expo and digital trade documentation.

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Minister of State for Commerce and Industry Jitin Prasada highlighted AI, semiconductors, digital public infrastructure and data centres as key areas for cooperation. He said India’s Semiconductor Mission 2.0 carries an incentive outlay of about USD 13 billion and called for collaboration across the semiconductor ecosystem.

The Forum also focused on startups, MSMEs, women-led enterprises, innovation, technology partnerships and strengthening economic integration under the BRICS Economic Partnership Strategy 2030.

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