Developing congruence, inviting innovative future, India checks to share around 11% intra BRICS trade by 2020

New Delhi, December 05: While the engagement in Summits provide a platform for discussions and exchange of views on issues of mutual interest, India has sailed through sustained engagement cooperation amongst BRICS partners in the areas of trade and investment over these years has strengthened.

 

Helping develop congruence on various issues that could lead to closer cooperation and strengthening of trade and investment ties between BRICS nations, India became a part of an independent international organisation, further also encouraging commercial, political and cultural collaborations.

 

 

Prime Minister led the Indian delegation to the 11th BRICS Summit that was held on 14th November 2019 in Brasilia under the theme Economic Growth for an Innovative Future and here are the trade details of India with the BRICS nations.

 

The percentage share of Intra BRICS trade to its global trade being 10.6 per cent by 2017, India's trade with the China for 2018-19 stood at USD 87.1 bn and that with Russia at USD 8.2. However for year 2019-20 (by September) the trade amounted to USD 44.7 with China and USD 4.9 with Russia. The total of India's Intra-BRICS trade was USD 114.1 in 2018-19 and that it is USD 58.5 by 2019-20 till date.

 

 

BRICS countries in 2018 had agreed upon a non-binding and voluntary working mechanism on technical regulations, standards, metrology and conformity assessment procedures for identifying, preventing and eliminating technical barriers to trade with a view to facilitating trade and increasing mutual trade flows.

 

"India, through the institutional mechanisms like Joint Commission Meetings (JCMs) and Joint Trade Committee (JTCs) further slates to address market access and other issues like non-tariff measures on a regular basis, with a view to increasing India’s trade including with BRICS countries", the statement read. Meanwhile, the New Development Bank has been established with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other developing countries.