Union Minister Piyush Goyal Addresses Opening Session Of BRICS Business Forum In New Delhi

Union Commerce and Industry Minister Piyush Goyal has called upon BRICS nations to work together to translate their economic strengths into jobs, wealth and prosperity for their people. He said BRICS countries represent nearly half of humanity and around 40 percent of global GDP. Addressing the opening session of the BRICS Business Forum in New Delhi, Mr Goyal said BRICS now accounts for nearly one-fourth of global trade, with India emerging as an important pillar of intra-BRICS trade.

The Union Minister said engineering goods and electronics constitute the largest segments of India’s manufactured exports. He added that India, known as the pharmacy of the world, sees BRICS as an important market for pharmaceuticals and other Indian products. Mr Goyal stressed that trade among BRICS partners should be deep, resilient and supported by diversified supply chains, ensuring that trade does not become an impediment to the growth and well-being of people in member countries. He also called for BRICS nations to open their markets to each other’s products, including raw materials and critical minerals.

Addressing the gathering, External Affairs Minister Dr. S. Jaishankar said this year marks a milestone for BRICS as the grouping completes 20 years of institutionalised cooperation. Dr. Jaishankar said BRICS has evolved substantially over the years in terms of its membership, agenda and mechanisms of cooperation. He added that India’s chairship this year seeks to carry this evolution forward under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.”