s India prepares to host the 18th BRICS Summit in New Delhi on September 12-13, Indian exporters hope that the government will leverage the platform to move beyond strategic and political engagement and work towards making India an integral part of the production, sourcing and value chains being developed across these economies. India has remained a major importer from most of the BRICS countries with its merchandise trade deficit at $226 billion in FY 25-26.
Except Ethiopia, Iran and Egypt, India currently has a trade deficit with rest of the member countries. The Federation of Indian Export Organisations (FIEO) propose to utilize the opportunity at the Summit to translate its expanding engagement with the Global South into tangible gains in exports, investment, technology partnerships, local-currency payments and resilient supply chains.
S C Ralhan, President, FIEO, said: “BRICS should now move beyond strategic dialogue to measurable commercial outcomes. For Indian businesses, its real value will lie in easier market access, stronger supply-chain partnerships, investment flows, technology, collaboration and efficient payment mechanisms.”
Exporters expect India to become an integral part of the production, sourcing and value chains being developed across these economies. In the last five years, India’s trade deficit with the BRICS countries have gone up by nearly 70% from $133 billion in FY 2021-22 to more than $226 billion in the last year. India’s exports to BRICS increased 48.8%, from $64.3 billion to $95.7 billion. Imports rose 131.8%, from $138.8 billion to $321.8 billion. China continues to dominate intra-BRICS trade, exporting $550.8 billion worth of goods to other members and importing $464.9 billion from them.
“India needs guarantees especially from China to not use trade policy in a strategic way by withholding either knowhow or critical inputs of the global value chain. China needs to show that it is a responsible member of the global order that does not seek to weaponise its economic relations,” said Rahul Ahluwalia, Founder-Director of Foundation for Economic Development.
FIEO sees opportunities for Indian companies in engineering goods, pharmaceuticals, chemicals, textiles and apparel, automobiles and auto components, electronics, food and agricultural products, renewable energy, healthcare and digital services. FIEO has urged BRICS leaders to focus on practical measures including faster customs procedures, reduction in non-tariff barriers, greater regulatory transparency, mutual recognition of standards, improved logistics connectivity and digital trade documentation.
Ajay Srivastava, a former Indian Trade Service officer and the founder of the Global Trade Research Initiative (GTRI), says: “For India, the priority should be to correct the growing imbalance. India should seek better market access in China, Russia and Indonesia, address non-tariff barriers, promote higher-value exports and reduce excessive dependence on a few BRICS suppliers.”