Goyal, Jaishankar lay out India's trade roadmap at BRICS forum

The BRICS Business Forum was held in New Delhi amid US threats to raise tariffs and ongoing unrest in West Asia, with India stressing the need to further strengthen trade among member and partner countries. Union Commerce and Industry Minister Piyush Goyal said BRICS nations should open their markets to each other and simplify trade rules. External Affairs Minister S. Jaishankar also stressed the need for greater cooperation among BRICS countries amid changing global conditions.

Addressing the forum, Goyal welcomed the presence of External Affairs Minister S. Jaishankar and Russia's Minister Maxim Reshetnikov. He said better coordination between economic and political-diplomatic relations was essential in the current period.

Goyal said trade plays a major role in the economies of BRICS nations. According to him, BRICS countries are home to nearly half the world's population and account for about 40 percent of global GDP. BRICS also accounts for nearly a quarter of global trade. He said India plays an important role in trade among BRICS countries, with engineering goods and electronics forming a large share of India's exports. He added that India is called the world's pharmacy and can become a reliable supplier of medicines to BRICS countries.

The commerce minister appealed to BRICS member and partner countries to ease entry into their markets. He said that lowering tariffs alone is not enough to boost trade; rules in different countries and other trade processes also need to be simplified.

Goyal said the time taken for clearance of goods should be reduced to make it easier for businesses to send goods to other countries. He described trade costs linked to non-tariff measures as a major challenge. He stressed that supply chains among BRICS countries should be strong and diversified, which requires increasing trade on both sides. He also said improving market access for raw materials and essential minerals was important.

Speaking at the inaugural session of the BRICS Business Forum, External Affairs Minister S. Jaishankar said this year marks 20 years of institutional cooperation within BRICS, an important milestone for the grouping. He said BRICS membership, agenda and modes of cooperation have seen major changes over the past two decades. Under India's presidency, special focus is being placed on resilience, innovation, cooperation and continuity. Jaishankar said the world is currently going through major political and economic shifts, with geopolitical tensions, pandemics and weather-related challenges directly affecting economies. In such circumstances, he said, it is more important than ever for countries to understand changing conditions, prepare accordingly and respond in time.