BRICS countries are looking at a broader set of policy measures to increase trade within the bloc and build more resilient global supply chains. The New Delhi Declaration said members would explore “mutually reinforcing policy levers” spanning infrastructure, regional integration, workforce skills, regulatory frameworks and deeper links across global value chains.
The push comes despite BRICS already accounting for a significant share of global commerce. Its members exported around $5.7 trillion of goods in 2025, or 21.6% of worldwide exports, but intra-BRICS trade remained comparatively limited at 4.1%, according to the Global Trade Research Initiative. China remains the dominant hub, recording $551 billion of exports to other BRICS members and $465 billion of imports from them. India, meanwhile, had the bloc’s largest trade deficit at $226 billion.
The existing network is therefore heavily centred on China rather than functioning as a balanced trading system. Experts cited in the report see scope to deepen commerce through better market access, lower trade barriers, stronger logistics and more diversified supply chains. Business awareness is another hurdle, with much of the engagement between BRICS economies still taking place at the government level rather than directly between companies.
Payments are another focus. BRICS members are exploring greater interoperability between payment and messaging systems while promoting trade settlements and investments in local currencies. The declaration also backed further study of a bloc-wide invoice discounting mechanism that could help MSMEs access working capital against unpaid invoices and participate more actively in international trade.
That could be significant given the scale of small businesses across the grouping. The 11 BRICS members are home to an estimated 266 million MSMEs, with India accounting for roughly 94.9 million. The broader challenge now is translating political coordination into practical infrastructure, financing and market access that allow more businesses to trade directly across BRICS economies.
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