Trade among BRICS nations has expanded dramatically over the past two decades, underscoring its growing economic importance while highlighting persistent barriers that continue to limit deeper integration, according to a recent analysis highlighted by the Hinrich Foundation.
Drawing on a report from the United Nations Conference on Trade and Development (UNCTAD), the analysis found that merchandise trade among BRICS members increased more than thirteenfold between 2003 and 2024, reaching approximately $1.17 trillion.
The growth reflects stronger economic ties among member countries as global trade patterns continue to shift amid supply chain realignments, geopolitical tensions, and the search for more resilient sources of growth.
Significant untapped potential
Iran, Ethiopia, Russia, and India source a substantial share of their imports from other BRICS members in diversifying their export base.
Regulatory gaps, institutional constraints, and geopolitical tensions continue to hinder deeper integration.
Cooperation
It also suggests exploring a more comprehensive BRICS trade arrangement and strengthening institutional capacity across member countries.
Despite rapid growth in intra-BRICS trade and significant untapped potential, weak policy coordination and limited institutional capacity continue to hinder deeper integration.
Analysts say a broader “Trade+” strategy, focused on aligning policies and strengthening cooperation, could unlock more sustainable growth.
Addressing these structural constraints will be key, with institutions such as UNCTAD expected to play a central role in building capacity and supporting more coordinated action across the group.
