Union Minister for Commerce and Industry Piyush Goyal has called for stronger, more balanced and resilient economic partnerships among BRICS member and partner countries, stressing the need for wider market access, diversified supply chains and simpler regulatory processes.
Addressing the opening session of the BRICS Business Forum in New Delhi, Goyal said BRICS countries collectively account for nearly one-fourth of global trade and have considerable scope to expand commercial engagement. He expressed confidence that the forum would generate practical recommendations and strengthen business-to-business partnerships across the grouping.
Focus on Market Access and Supply Chains
Goyal said resilient supply chains require greater diversification and cooperation among trading partners. He urged BRICS countries to open their markets to one another, including for raw materials and critical minerals, while ensuring that trade remains an enabler of economic growth rather than a barrier.
He pointed out that non-tariff measures increase export costs for a large share of countries and called for streamlined regulations and faster customs clearances. According to him, supply chains can become genuinely resilient only when trade flows in both directions and businesses receive predictable access to markets.
The minister also advocated greater cooperation in agriculture, particularly through collaboration among agri-tech startups. Joint development of technology-driven solutions for farmers, he said, could contribute to food security across BRICS nations.
Services, Startups and Women Entrepreneurs
Goyal highlighted the importance of opening services markets and facilitating the movement of professionals between BRICS countries. He also called for mutual recognition of professional qualifications to make cross-border services more efficient.
Highlighting India’s entrepreneurial ecosystem, he noted that more than 45 per cent of the country’s 250,000 recognised startups have at least one woman partner or director. He urged the BRICS Women’s Business Alliance to ensure stronger participation of women-led businesses in exhibitions, trade fairs and other commercial opportunities across the grouping.
Digital Payments and Emerging Technologies
India’s Digital Public Infrastructure was another major focus of the minister’s address. Goyal highlighted the rapid expansion of the Unified Payments Interface (UPI), which he said processes more than 250 billion transactions annually and is accepted in 11 countries.
He encouraged BRICS nations to explore linking their payment systems, facilitate trade in local currencies and expand digital commerce. Greater cooperation in emerging technologies, he said, could help businesses build new global value chains.
Goyal also identified agriculture, pharmaceuticals, engineering, electronics, automobiles, auto components and services as areas offering significant opportunities for joint innovation and technology partnerships.
Jaishankar Stresses Resilience and Innovation
External Affairs Minister S. Jaishankar said BRICS has evolved considerably over two decades, expanding its membership, agenda and mechanisms of cooperation. He said India’s chairship has focused on resilience, innovation, cooperation and sustainability amid growing geopolitical and economic uncertainty.
Jaishankar stressed the importance of reliable logistics, diversified commercial relationships, transparent trade and investment practices and a predictable business environment. He also highlighted opportunities in artificial intelligence, fintech, advanced manufacturing and digital public infrastructure.
He said initiatives such as the BRICS incubator network and Startup Innovation Fund could help strengthen entrepreneurship and innovation across member countries.
Cooperation in AI and Semiconductors
Minister of State for Commerce and Industry and Electronics and IT Jitin Prasada said the BRICS Business Forum could convert the grouping’s economic strength into concrete commercial outcomes. He identified artificial intelligence, digital services, semiconductors and data centres as key areas for cooperation.
Prasada highlighted India’s Semiconductor Mission 2.0 and encouraged BRICS partners to collaborate across the semiconductor value chain while promoting technology exchange, research and startup development.
Commerce Secretary Rajesh Agrawal said trade among BRICS countries had grown from about 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.
He also emphasised MSME support, healthcare cooperation and efforts to strengthen the BRICS Economic Partnership Strategy 2030, with greater emphasis on trust, innovation and shared prosperity.
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Author: Shivam
Shivam Dwivedi is a senior journalist with extensive experience in research-driven journalism, policy communication, and multi-platform storytelling. His areas of interest include international relations, defence, science & technology, education, urban development, agriculture, spirituality, and environmental sustainability. His work focuses on in-depth analysis, public discourse, and impactful narratives across governance and development sectors, with a strong commitment to the Sustainable Development Goals (SDGs). Contact: [email protected]
