Addressing the Leaders Session of the BRICS Business Forum 2026, Goyal said merchandise exports from BRICS countries to the rest of the world increased from about USD 900 billion in 2003 to nearly USD 6 trillion in 2024.
“Merchandise exports from BRICS countries to the world increased from about 900 billion dollars in 2003 to now nearly six trillion dollars in 2024, raising our share of global exports from about 12 per cent to now nearly 24 per cent,” Goyal said.
He said the expansion showed both the scale of the BRICS market and the potential for further growth in trade among member countries. Goyal said the next step should be to translate the growth in the grouping’s global trade presence into deeper commercial ties within BRICS.
“Our task now is to translate this momentum of growth into stronger intra-BRICS trade, more resilient supply chains and greater opportunities for our businesses,” he said.
Goyal said India’s BRICS chairship has focused on achieving more balanced trade among member countries and exploring greater trade in services across the grouping.
He added that cooperation should also benefit farmers, women-led businesses, young entrepreneurs and micro, small and medium enterprises.
“It must benefit our farmers, empower our women in business and beyond, and provide greater opportunities for wealth and prosperity to our young entrepreneurs and MSMEs,” Goyal said.
According to the minister, more than 2,000 business leaders and delegates from BRICS member countries and partner nations participated in the forum, making it the largest BRICS Business Forum held so far.
The discussions covered non-tariff barriers affecting global value chains, agriculture and agri-technology, services trade, women-led enterprises and the digital economy.
Goyal said the BRICS Business Council has completed its annual report containing more than 44 recommendations. He also said the BRICS Women’s Business Alliance, which met over the previous two days, had outlined steps towards expanding the role of women-led businesses across BRICS countries.
The Leaders Session was attended by Prime Minister Narendra Modi and leaders and representatives from other BRICS member countries.
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