BRICS Trade Push: India Seeks Balanced Trade, Faster Customs Clearances and Greater Market Access

“Indirect Tax I Indirect Tax Litigation I Customs & FTP I Central Licensing I Arbitration I Advisory”

Dated: 14.09.2026

BRICS Trade Push: India Seeks Balanced Trade, Faster Customs Clearances and Greater Market Access

Union Minister of Commerce & Industry Piyush Goyal has called upon BRICS member and partner countries to build deeper, more resilient and balanced trade partnerships, stressing that greater market access, diversified supply chains and simpler regulatory procedures will be crucial to unlocking the full potential of economic cooperation within the grouping.

Addressing the opening session of the BRICS Business Forum in New Delhi, Goyal urged participating countries to open their markets to each other’s products, including raw materials and critical minerals, while working collectively to reduce regulatory barriers and facilitate faster movement of consignments.

India Calls for More Balanced Intra-BRICS Trade

A major theme of Goyal’s address was the need to create a more balanced and mutually beneficial trading relationship among BRICS economies.
He emphasised that deeper and more resilient trade among partner countries requires diversification of supply chains, while trade itself should not become an impediment to economic growth or the well-being of people.
Goyal accordingly called upon BRICS countries to provide greater access to one another’s markets, particularly for products such as raw materials and critical minerals. The objective is to build trading relationships that are both commercially meaningful and resilient against external disruptions.

Non-Tariff Measures Can Raise Export Costs

The Minister also drew attention to the impact of non-tariff measures and regulatory procedures on international trade.
According to the document, Goyal observed that non-tariff measures can impose export costs that may sometimes be equivalent to tariffs of up to 11%. He therefore called for easier and smoother market access and urged BRICS member and partner countries to work together to simplify regulatory procedures and facilitate faster clearance of consignments.
The remarks are particularly significant for exporters because market access increasingly depends not only on customs-duty rates but also on technical regulations, standards, certification, testing, licensing and border-clearance procedures.

Supply-Chain Connectivity Emerges as a Key BRICS Priority

The need for stronger supply-chain connectivity and trade facilitation was another major focus of the forum.
External Affairs Minister Dr. S. Jaishankar, addressing the event, highlighted supply-chain connectivity, trade facilitation and innovation as important priorities for BRICS cooperation. He stressed the need for greater self-reliance while simultaneously remaining connected and competitive through genuine market practices, dependable logistics and transparent trade and investment.
The emphasis reflects the changing global trading environment, where geopolitical conflicts, pandemics, climate-related disruptions, digitalisation and technological developments are increasingly reshaping international supply chains.

Agriculture and Agri-Tech Identified for Greater Cooperation

India also called for greater BRICS cooperation in agriculture and agri-technology, particularly in the interest of food security.
Goyal urged BRICS countries to encourage agri-tech startups to jointly develop solutions for farmers across participating nations.
This could create opportunities for collaboration in agricultural technology, food supply chains and startup-led solutions across BRICS markets.

Opening Services Markets and Recognition of Professional Qualifications

The Minister also called upon BRICS countries to open their services markets to one another in a meaningful manner.
A notable proposal concerned facilitating the movement of professionals across borders and making it easier for member countries to recognise each other’s professional qualifications.
This aspect of the BRICS economic agenda could be particularly relevant to professional services, technology, consulting and other knowledge-driven sectors where regulatory recognition often determines actual market access.

India Pushes for Linking Payment Systems and Local-Currency Trade

Digital payments and financial connectivity featured prominently in India’s proposals.
Goyal highlighted India’s experience with the Unified Payments Interface (UPI) and noted that the system processes more than 20 billion transactions annually and is accepted in several countries. He urged BRICS member and partner countries to link their payment systems and promote trade in each other’s local currencies.
Greater interoperability of payment systems could potentially lower transaction friction and support closer commercial integration between BRICS economies.

Startups and Women-Led Enterprises in Focus

India also highlighted its growing startup and entrepreneurship ecosystem.
Goyal noted the participation of women in India’s recognised startup ecosystem and called for greater opportunities for women-led enterprises across BRICS exhibitions, trade fairs and other commercial platforms.
The BRICS Business Council and BRICS Women’s Business Alliance were identified as important platforms for connecting entrepreneurs, industries and business leaders across member countries.

Emerging Technologies and Innovation to Drive Future Cooperation

India’s BRICS agenda also places significant emphasis on digital public infrastructure, artificial intelligence, fintech and advanced manufacturing.
Dr. Jaishankar highlighted these areas as major opportunities while also stressing questions of access, standards, security and trust. India’s Chairship, he said, seeks to strengthen innovation and entrepreneurship through mechanisms such as the BRICS incubation network and BRICS Startup Innovation Fund.
Minister of State Jitin Prasada similarly highlighted digital services, particularly artificial intelligence, as an important area for collaboration, while stressing greater technology exchange and cooperation.

Semiconductor and Digital Infrastructure Cooperation

The forum also identified semiconductors as an area with considerable potential for cooperation.
The document refers to India’s Semiconductor Mission 2.0, with a financial outlay of around US$5 billion in incentives, and calls for collaboration across the semiconductor ecosystem. Digital public infrastructure and data centres were also highlighted as potential areas for BRICS cooperation.
This reflects a broader attempt to move BRICS commercial cooperation beyond conventional merchandise trade towards technology, innovation, digital infrastructure and strategic manufacturing.

BRICS Has Expanded Significantly

Dr. Jaishankar noted that the year marks 20 years of institutionalised BRICS cooperation and that the grouping has evolved substantially in terms of membership, agenda and mechanisms of cooperation.
The expanded grouping creates a potentially larger economic platform, but India’s message at the Business Forum was that its commercial potential will depend upon converting political cooperation into practical market access, investment, trade facilitation and business partnerships.

What This Means for Indian Exporters and Businesses

For Indian industry, the statements at the BRICS Business Forum indicate several potential areas of future opportunity.
Greater market access and simplified regulatory procedures could benefit exporters facing non-tariff barriers. Supply-chain diversification could create opportunities for Indian manufacturers and suppliers, particularly in agriculture, pharmaceuticals, engineering, electronics, automobiles and auto components, services and emerging technologies—sectors specifically highlighted in the discussions.
At the same time, proposals for interconnected payment systems, local-currency trade, recognition of professional qualifications and greater technology collaboration could expand the scope of intra-BRICS commerce beyond traditional goods trade.
However, the document records these primarily as policy proposals and calls for greater cooperation. Businesses should therefore distinguish these statements from legally implemented tariff concessions, regulatory relaxations or binding market-access commitments.

Key Takeaway

India’s message at the BRICS Business Forum is centred on transforming the grouping into a more practical platform for trade, investment, resilient supply chains, digital integration and innovation.

The emerging agenda combines traditional trade priorities—market access, regulatory simplification and faster clearance—with newer areas such as local-currency settlements, interconnected digital payment systems, AI, fintech, semiconductors, startups, agri-tech and digital public infrastructure. As India advances its BRICS Chairship, the commercial focus is increasingly clear: open markets, reduce regulatory friction, diversify supply chains and convert BRICS cooperation into measurable business opportunities.

In case you face any issues related to Indirect Tax-Customs, GST, Foreign Trade Policy (FTP), Arbitration matters and Central Licensing and related advisory matters in India then please feel free to get in touch with SJ EXIM Services.

We offer Legal advice and litigation support in matters related to Indirect Tax-Customs, FTP, other Indirect Tax matters & Arbitration law, all sorts of Central licensing and related matters. Come and explore the new way of doing business with us!

We specialize in paralegal services, litigation support, tax and regulatory matters, delivering reliable, efficient, and result-oriented legal assistance.

Source: Ministry of Commerce & Industry

Disclaimer

Handy Download:

Press Release by PIBDownload

Connect with us for more-

@ Team S J EXIM SERVICES, New Delhi, IN

CP: Ms. Shubhra Jha, Founder

Tel: +91-11-4999 2707 I +91-9999005693

Web: www.sjexim.services

EMAIL: operations@sjexim.services I shubhra@sjexim.services

Facebook: www.facebook.com/sjeximservices

LinkedIn: https://www.linkedin.com/company/90794255/admin/feed/posts/