Commerce and Industry Minister Piyush Goyal told the BRICS Business Forum that member and partner countries should open markets further by reducing non-tariff barriers and simplifying regulations to deepen intra-group trade. According to Goyal, trade among partners should be resilient with diversified supply chains so that supply never impedes growth and well-being in any member state. He pointed to India’s Unified Payments Interface, which records over 250 billion transactions annually and is accepted in 11 countries, while urging BRICS nations to link payment systems and increase trade in local currencies. Goyal also identified significant capabilities across agriculture, pharmaceuticals, engineering, electronics, automobiles and services that could support joint innovation and resilient global value chains.
External Affairs Minister S Jaishankar said at the opening ceremony that BRICS must convert its economic weight into practical business outcomes through easier trade, stronger supply chains and predictable rules. Jaishankar noted that the strength of the grouping would be judged by opportunities created for companies to find partners, sell products and build reliable links across member states. The Emirates News Agency reported that UAE non-oil foreign trade with BRICS countries exceeded 312 billion dollars in 2025, a 28.5 percent rise from the prior year, reflecting deepening investment and logistics ties. BRICS economies now represent around 40 percent of global GDP and nearly half the world’s population, Indian government data shows.
Industry representatives at the forum examined ways to reduce non-tariff barriers and strengthen supply-chain connectivity as global patterns shift due to technology and evolving trade. Panels addressed leveraging industrial complementarities, improving logistics and enhancing economic resilience among the 11 member nations that include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Indonesia. A dedicated session explored the digital economy and innovation, highlighting rapid advances in artificial intelligence, fintech, e-commerce and digital infrastructure that are reshaping production systems. These discussions are set to inform recommendations to the BRICS Summit scheduled for September 12 and 13 in the Indian capital.
Commerce Secretary Rajesh Agrawal stated that trade among BRICS countries grew from 84 billion dollars in 2003 to nearly 1.2 trillion dollars in 2024. He called for stronger global trade rules focused on integrating micro, small and medium enterprises into value chains while addressing a global trade finance gap estimated at 2.5 trillion dollars. BRICS ministers advanced a Strategy for Economic Partnership 2030 under India’s chairship that covers trade in services, the digital economy, industry, innovation, investment, financial cooperation and sustainable development. The grouping has also endorsed a Global Value Chains Action Plan for 2026-2030 that proposes cooperation on strategic supply chains.
Russian Minister Maxim Reshetnikov told the gathering that his country had restructured trade so that friendly partners now account for about 85 percent of total turnover, twice the share recorded in 2021. He highlighted the entry into force of free-trade agreements with Iran and the forthcoming ones with the UAE and Indonesia as key mechanisms supporting this shift. Such changes have reduced reliance on the dollar and euro in settlements from 85 percent three years ago to around 11 percent today. The forum forms part of broader efforts to foster South-South cooperation and remove hurdles to cross-border business.
Participants including experts from Ethiopia emphasized the role of the BRICS Business Council in identifying sector-specific barriers through working groups and offering recommendations to ease commerce. The UAE’s expanding relationship with China, where non-oil trade reached 111.5 billion dollars in 2025, was cited as an example of growing bilateral ties within the bloc that span manufacturing, technology, energy and supply chains. Officials stressed that digital public infrastructure, advanced manufacturing and fintech present major opportunities but require attention to standards, security and trust. Recommendations from the September 11 sessions will feed into ongoing work on standards cooperation, MSME support and value-chain integration across BRICS.
