India’s trade with BRICS doubles in the last five years: ASSOCHAM

India’s trade with BRICS has more than doubled from $203 billion in 2020-21 to $417 billion in 2025-26, according to a research report by ASSOCHAM. The industry body pointed out in a report that India has an opportunity to scale up the Indian exports to $200 billion to BRICS by 2030.

“India’s exports to the BRICS partner countries stood at $96 billion in 2025-26. ASSOCHAM believes that India’s export can increase to $200 billion by 2030 with enhanced south-south co-operation as it offers India an opportunity to diversify exports beyond traditional markets,” the industry body said in a release.

“The growing global significance of developing and emerging member countries of the bloc reflects the vibrant trajectory of growth which can be attained with the true sense of building for resilience, innovation, cooperation, and sustainability,” said Nirmal K Minda, president, ASSOCHAM.

“The recent initiatives for enhancing trade and cross-border investment under the BRICS framework is set to act as a significant catalyst across several high-growth sectors,” Minda said.

“India, as a founding member of BRICS, with its strategic policy initiatives has demonstrated strength over the years, enhancing trade, investment, dialogue, and relations with the member countries considering a balanced approach,” Minda said.

“Indian companies could benefit across segments including engineering goods, pharmaceuticals, chemicals, textiles and apparel, automobiles, electronics, minerals and metal products, gems and jewellery, agricultural and marine products, renewable energy, healthcare and digital services,” the release from the industry body said.

What is Assocham's view on trade dynamics?

The industry body said the trade dynamics are influenced by various factors, including the economic performance of the BRICS+ countries, their trade policies, and the global economic landscape.

“For India, the opportunity is not only to export more to BRICS+ countries but to strengthen its production, sourcing and value chains, technologies, settlement system etc. along with to learn from the best practices and eco systems which have been developed across these economies,” it said.

“Among the major emerging economies, India witnessed an average GDP growth of more than 7% during the last five financial years (2021-26). Even in the first quarter of the current fiscal year, India’s economy recorded 7.8% growth,” the industry body pointed out.

“As the fastest growing major economy, India can play a pivotal role in broadening the bloc's horizons and facilitating a coordinated approach to resolving challenges arising from global geopolitical and economic developments,” it said.

“In times of geopolitical realignments, trade cooperation remains essential. The composition of cooperation is still evolving, and stronger BRICS trade cooperation could improve India's access to critical minerals, energy, technology and capital while opening new manufacturing opportunities,” it added.