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NEW DELHI : Commerce and Industry Minister Piyush Goyal on Friday called for deeper, more resilient and balanced trade partnerships among BRICS member and partner countries, stressing the need to diversify supply chains, improve market access and simplify regulatory procedures. Addressing the opening session of the BRICS Business Forum in New Delhi, Goyal said BRICS accounts for nearly one-fourth of global trade and has significant potential to expand economic cooperation. He expressed hope that the forum would produce concrete outcomes and take business partnerships and economic dialogue among member countries to the next level.
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The opening session was also addressed by Russian Minister of Economic Development Maxim Reshetnikov, External Affairs Minister S. Jaishankar, Minister of State for Commerce and Industry and Electronics and Information Technology Jitin Prasada, and Commerce Secretary Rajesh Agrawal.
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Goyal described India as an important pillar of intra-BRICS trade and highlighted its strengths in engineering goods and electronics, which constitute the largest segment of the country’s manufactured exports. He also pointed to India’s pharmaceutical sector, describing the country as the “pharmacy of the world”, and said New Delhi views BRICS as an important market for Indian products. Calling for more resilient supply chains, Goyal said trade should not become an impediment to economic growth or the well-being of people in member countries. He urged BRICS nations to open their markets to one another, including for raw materials and critical minerals.
“Supply chains would be resilient when they run both ways,” Goyal said, while calling for easier market access and reduced regulatory barriers. He cited estimates that non-tariff measures impose higher export costs than tariffs for 88 per cent of countries and urged BRICS members and partner countries to work towards simpler regulations and faster clearance of consignments.
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Goyal also pushed for greater cooperation in agriculture, calling for BRICS countries to encourage agri-tech startups to jointly develop solutions for farmers across member nations. Such collaboration, he said, could contribute to strengthening food security. He further called for genuine opening of services markets, easier movement of professionals across borders and greater recognition of professional qualifications among BRICS countries.
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Goyal highlighted the growing role of women in India’s startup ecosystem, noting that over 45% of the country’s 250,000 recognised startups have at least one woman partner or director. He also said two-thirds of small loans over the past decade went to women entrepreneurs and called for greater participation of women-led businesses in BRICS trade fairs and exhibitions.
Highlighting India’s digital strength, Goyal said UPI processes over 250 billion transactions annually and is accepted in 11 countries. He called for greater cooperation among BRICS nations to link payment systems, promote trade in local currencies and expand digital trade.
He also stressed the need to strengthen startup and technology partnerships across sectors such as agriculture, pharmaceuticals, electronics, automobiles and services to drive joint innovation and build resilient global value chains.
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Further, Commerce Secretary Rajesh Agrawal said BRICS represents a significant and expanding market, noting that trade among BRICS countries increased from $84 billion in 2003 to nearly $1.2 trillion in 2024. He stressed the need to preserve and revitalise the multilateral trading system with the World Trade Organization (WTO) at its core.
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Agrawal also called for stronger support for MSMEs through affordable working capital and said the Jaipur Consensus could provide a foundation for exploring a common BRICS mechanism in this area. He highlighted initiatives such as BRICS Connect, B2B partnerships, an annual BRICS Trade and Investment Expo, digital trade documentation and greater sectoral cooperation, including in healthcare, to strengthen global value chains. Agrawal called for deeper economic integration under the BRICS Economic Partnership Strategy 2030, based on cooperation, trust, innovation and shared prosperity
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Apart from Goyal, External Affairs Minister S. Jaishankar said 2026 marks 20 years of institutionalised BRICS cooperation, with the grouping expanding in membership and areas of collaboration. He said India’s Chairship is focused on resilience, innovation, cooperation and sustainability amid global geopolitical and economic uncertainty.
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Jaishankar highlighted supply-chain resilience, trade facilitation, digital infrastructure, AI, fintech, advanced manufacturing, startups and women-led enterprises as key areas for cooperation. He called for greater self-reliance while maintaining competitive and transparent trade and investment frameworks. He also highlighted initiatives such as the BRICS incubator network and Startup Innovation Fund, saying India’s large market, manufacturing base, talent pool and digital capabilities make it a strong partner for BRICS nations.
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The discussions at the Business Forum come ahead of the BRICS Leaders’ engagements in New Delhi, with India seeking to use its 2026 chairship to translate the grouping’s growing economic weight into stronger trade, investment, technology and business partnerships.
