Union Minister of Commerce and Industry Piyush Goyal has called for deeper, more resilient and balanced trade partnerships among BRICS countries, with greater market access, diversified supply chains and simpler regulatory procedures.
Addressing the opening session of the BRICS Business Forum 2026 in New Delhi, Goyal emphasised greater cooperation in agriculture, pharmaceuticals, engineering, electronics, automobiles, services, startups and emerging technologies.
He expressed hope that the Forum would deliver significant outcomes and take economic dialogue and business partnerships among BRICS countries to the next level.
The opening session was also addressed by Maxim Reshetnikov, Minister of Economic Development of the Russian Federation; Union Minister of External Affairs Dr S. Jaishankar; Jitin Prasada, Minister of State for Commerce and Industry and Electronics and Information Technology; and Commerce Secretary Rajesh Agrawal.
Emphasising the importance of deep and resilient trade, Goyal said supply chains must be diversified and trade should not impede growth and the well-being of people in member countries. He called upon BRICS countries to open their markets for each other’s products, including raw materials and critical minerals.
Goyal said resilient supply chains must operate in both directions. Noting that non-tariff measures impose higher export costs than tariffs in 88 per cent of countries, he called for easier and smoother market access. He urged BRICS member and partner countries to simplify regulatory procedures and facilitate faster clearance of consignments.
He also called for greater integration of payment systems, wider use of local currencies in trade and the expansion of digital trade. Goyal further urged BRICS countries to collaborate on emerging technologies and strengthen links between their startup ecosystems.
India, he said, brings strong capabilities across sectors including agriculture, pharmaceuticals, engineering, electronics, automobiles and auto components, as well as services. These areas, he noted, offer significant scope for joint innovation, technology partnerships and the development of resilient global value chains.
Dr S. Jaishankar stressed the need for greater self-reliance while remaining connected and competitive through market-based practices, dependable logistics, a predictable business environment, diversified commercial relationships and transparent trade and investment. He identified digital public infrastructure, artificial intelligence, fintech and advanced manufacturing as key areas of opportunity, while highlighting issues related to access, standards, security and trust.
Jitin Prasada highlighted digital services, particularly AI, as an important area for collaboration. He noted the potential of AI to improve productivity, living standards, incomes and outcomes for individuals and MSMEs.
Prasada also called for greater technology exchange and cooperation in AI, while keeping the United Nations at the centre of governance.
Commerce Secretary Rajesh Agrawal said BRICS represents a significant and growing market, with trade among BRICS countries increasing from USD 84 billion in 2003 to nearly USD 1.2 trillion in 2024.
He called for stronger economic integration under the BRICS Economic Partnership Strategy 2030, centred on cooperation, trust, innovation and shared prosperity.
