Commerce Secretary Shri Rajesh Agrawal Highlights Trade and Economic Cooperation at BRICS Meeting in Gandhinagar

The 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) for 2026 was held in Gandhinagar, Gujarat, on May 15, 2026, under India's BRI...

What Happened

The 2nd Meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) for 2026 was held in Gandhinagar, Gujarat, on May 15, 2026, under India's BRICS Presidency for 2026.
India's Commerce Secretary delivered the keynote address, highlighting the growth trajectory of intra-BRICS trade and calling for stronger multilateral frameworks for the expanded bloc.
The meeting built on the 1st CGETI meeting held virtually in March 2026, with the Gandhinagar meeting serving as the first in-person session of the year.
Delegates deliberated on four priority themes: (1) strengthening the multilateral trading system with the WTO at its centre; (2) supporting MSME internationalisation to create employment; (3) building resilient and diversified global value chains (GVCs); and (4) expanding services trade among BRICS members.
A key data point presented: intra-BRICS merchandise trade has surged 13-fold — from USD 84 billion in 2003 to USD 1.17 trillion in 2024 — growing faster than global trade overall.
Delegates also visited GIFT City (Gujarat International Finance Tec-City) in Gandhinagar, receiving a presentation on its development as a world-class International Financial Services Centre (IFSC).
The meeting is part of BRICS' institutional preparatory cycle leading to the BRICS Trade Ministers' Meeting and the BRICS Summit 2026, which India will host in New Delhi in September 2026.

Static Topic Bridges

BRICS and the CGETI Framework

BRICS (originally Brazil, Russia, India, China, South Africa) has evolved into an 11-member grouping following the 2024 and 2025 expansions. Current full members are: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and the UAE. It also has 10 partner countries.

The Contact Group on Trade and Economic Issues (CGETI) was established in 2011 as a technical-level working group that prepares recommendations on economic and trade issues for BRICS Trade Ministers. It comprises technical teams from all member countries.

CGETI's current focus areas include the BRICS Economic Partnership Strategy for 2026–2030, WTO reform, data economy cooperation, and MSME support.
India holds the BRICS Presidency for 2026; Brazil held it in 2025 and oversaw the BRICS Kazan/Rio cycle.
BRICS members collectively represent ~49.5% of global population, ~40% of global GDP, and ~26% of international trade.

Connection to this news: The Gandhinagar meeting is part of India's stewardship of the BRICS trade agenda during its Presidency year, positioning India as an architect of South-South trade architecture.

GIFT City as an International Financial Services Centre

GIFT City (Gujarat International Finance Tec-City) in Gandhinagar is India's first and only International Financial Services Centre (IFSC), established under the Special Economic Zones Act, 2005 and governed by the International Financial Services Centres Authority (IFSCA), set up by the IFSCA Act, 2019.

GIFT City operates as an offshore financial jurisdiction within India — transactions are in foreign currency, follow international regulatory norms, and are governed by IFSCA.
It hosts stock exchanges (India INX, NSE IFSC), banking units, insurance offices, aircraft leasing, and fintech entities.
The SEZ is designed to compete with Singapore, Dubai, and Hong Kong as a global financial hub for Indian and international businesses.
GIFT City is also the site of the BRICS New Development Bank (NDB)'s India Regional Office.

Connection to this news: Showcasing GIFT City to BRICS CGETI delegates advances India's pitch to position it as the premier financial services hub for the BRICS economies, attracting intra-BRICS capital flows and financial services business.

India's Role in WTO Reform Debates

India has consistently advocated at the WTO for: (1) preserving the right to use trade policy for development goals (flexibilities for developing countries); (2) reforming the dispute settlement mechanism (Appellate Body revival); (3) protecting food security through the public stockholding programme; and (4) ensuring technology access and services trade liberalisation.

India is a key member of the G20 and G33 coalitions at the WTO, representing developing country interests.
The WTO Appellate Body has been non-functional since December 2019 due to US blocking of new appointments.
BRICS collectively advocates for a rules-based, non-discriminatory multilateral trading system — the WTO — against unilateral trade measures.

Connection to this news: The CGETI meeting's emphasis on "strengthening the multilateral trading system" reflects BRICS' collective response to rising protectionism, tariff wars, and unilateral export controls in global trade, with India using its Presidency to shape this agenda.

Key Facts & Data

Intra-BRICS merchandise trade: USD 84 billion (2003) → USD 1.17 trillion (2024) — a 13-fold increase.
BRICS now has 11 full members and 10 partner countries.
BRICS collectively accounts for approximately 40% of global GDP and 49.5% of global population.
India holds the BRICS Presidency in 2026; the BRICS Summit is scheduled for New Delhi, September 2026.
The 2nd CGETI meeting 2026 was held in Gandhinagar on May 15, 2026.
CGETI was established in 2011 to provide technical recommendations to BRICS Trade Ministers.
The four deliberation themes: WTO multilateralism, MSME internationalisation, global value chain resilience, and services trade expansion.
GIFT City is governed by the IFSCA Act, 2019 and the IFSCA as the unified regulator.
The BRICS NDB's India Regional Office is located in GIFT City, Gandhinagar.