Trade within BRICS remains influenced by the economic performance of member countries, regional trade policies and changes in the global economic environment, the report said.
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ASSOCHAM President Nirmal K. Minda said the growing global significance of developing and emerging economies within BRICS reflected the potential for growth under the grouping’s theme of “Building for Resilience, Innovation, Cooperation, and Sustainability”.
“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.
Engineering, pharma, electronics among key opportunities
The chamber identified several sectors where Indian manufacturers and exporters could benefit from deeper engagement with BRICS markets.
These include engineering goods, pharmaceuticals, chemicals, textiles and apparel, automobiles, electronics and minerals. Opportunities are also seen in gems and jewellery, agricultural and marine products, renewable power, healthcare and digital services.
According to the report, deeper commercial integration could allow India to tap into demand across a wider set of emerging markets while strengthening its participation in regional and global value chains.
Minda also highlighted India’s continued engagement with the grouping, saying the country’s policy initiatives had supported trade, investment, dialogue and relations with member countries.
“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.
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BRICS ties seen supporting strategic needs
India’s expanding engagement with BRICS comes as the grouping assumes greater importance in global economic and geopolitical affairs. The report said stronger partnerships within the bloc could help India secure access to critical minerals, energy supplies, advanced technology and investment capital.
The growing commercial relationship could also create opportunities for Indian manufacturing, according to ASSOCHAM.
India recorded average annual GDP growth of more than 7% between 2021 and 2026, while the economy expanded 7.8% in the opening quarter of the current fiscal period, the report said.
With India positioned as one of the fastest-expanding major economies, ASSOCHAM said the country could play a larger role in expanding economic cooperation within BRICS and coordinating responses to global economic and geopolitical developments.
The report ultimately sees BRICS as an avenue for India to broaden its export markets while strengthening access to strategic resources and investment. Reaching the $200-billion export target by 2030, however, would require deeper trade cooperation and greater integration between Indian suppliers and markets across the grouping.
(With ANI inputs)
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