Question : Trade with BRICS Nations

(a) whether India has participated in the 11th Brazil, Russia, India, China, South Africa (BRICS) Summit recently, if so the details thereof along with the theme of the event;
(b) whether India is facing trade barriers/non-tariff barriers in other BRICS nations and if so, the details thereof along with the steps taken by the Government to remove these barriers;
(c) whether the trade among the BRICS Nations is quite low as compared to their respective total global trade and if so, the details thereof;
(d) the country-wise details of India’s trade with BRICS Nations during each of the last three years and the current year, while also indicating the share of India’s intra BRICS trade to global trade;
(e) the benefits likely to accrue to developing countries in general and to India in particular in the field of finance and trade as a result of these summits;
(f) whether the Government has discussed with the BRICS Nations to increase trade and if so, the details thereof and the response of the BRICS Nations thereon; and
(g) the details of other steps being taken or to be taken by the Government to boost trade with the BRICS Nations?

THE MINISTER OF COMMERCE AND INDUSTRY
(SHRI PIYUSH GOYAL)
(a) India participated in the 11th BRICS Summit that was held on 14th November 2019 in Brasilia under the theme ‘Economic Growth for an Innovative Future’.

(b) BRICS countries in 2018 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. The government, through the Institutional mechanisms such as Joint Commission Meetings (JCMs) and Joint Trade Committee (JTCs) addresses 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.

(c) and (d) The percentage share of Intra BRICS trade to its global trade is 10.61% (2017). The details of Intra BRICS trade is at Annex-I Table 1. The country-wise details of India’s trade with BRICS nations for the last five years including current year is at Annex –I Table 2. The percentage share of India’s intra BRICS trade to its global trade is at Annex-I Table 3.

(e), (f) and (g) Engagement in these Summits provides a platform for discussions and exchange of views on issues of mutual interest. These interactions help develop congruence on various issues and could lead to closer cooperation and strengthening of trade and investment ties between BRICS nations. Through sustained engagement cooperation amongst BRICS partners in the areas of Trade and Investment over these years has strengthened. 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. At this year’s Trade Ministers Meeting the Memorandum of Understanding among BRICS Trade and Investment Promotion Agencies/Trade Promotion Organizations was signed this provides a framework for forging collaboration between Trade and Investment Promotion agencies for facilitating greater trade amongst the BRICS member countries, the BRICS Joint Trade Study Review was concluded this study helps in fostering greater mutual knowledge, economic cooperation as well as trade and investment opportunities among BRICS countries.

ANNEX-I

Table 1: Intra BRICS Trade Data (value in Billion US $) (2017)
Country
World Brazil China India Russia South Africa Intra BRICS % Share of its Global Trade
Brazil 368.49 74.81 5.38 7.60 2.00 89.79 24.37%
China 4107.16 87.81 84.22 84.39 39.20 295.61 7.20%
India 587.36 7.97 84.42 10.12 10.96 113.47 19.32%
Russian 738.42 5.23 85.90 8.32 0.83 100.28 13.58%
South Africa 171.30 1.96 23.89 0.75 8.05 34.65 20.23%
BRICS 5972.73 633.81 10.61%
Source: COMTRADE

Table 2: India’s Trade with BRCS (in Billion US$)
Counterpart 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 2019-20
Brazil 11.4 6.7 6.5 8.6 8.2 3.5
China 72.3 70.7 71.5 89.7 87.1 44.7
Russia 6.3 6.2 7.5 10.7 8.2 4.9
South Africa 11.8 9.5 9.4 10.7 10.6 5.4
India''s Total Intra-BRICS 101.9 93.1 94.8 119.6 114.1 58.5
Source: DOC
Note: Data for 2019-20 is from April to September,2019
Table 3: Percentage Share of India’s Intra-BRICS Trade to Global trade
Country 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 2019-20
Brazil 1.5 1.04 0.99 1.11 0.97 0.9
China 9.54 10.99 10.82 11.66 10.31 11.0
Russia 0.84 0.96 1.13 1.39 0.97 1.2
South Africa 1.56 1.48 1.42 1.39 1.25 1.3
India''s Intra-BRICS 13.44 14.47 14.36 15.55 13.5 14.4
Source: DOC
Note: Data for 2019-20 is from April to September, 2019.
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