BRICS can open new global trade opportunities for India: CAIT
PINAKI MAJUMDAR Jamshedpur, September 12: The BRICS Summit, being held under the leadership of Prime Minister Narendra Modi, presents a historic opportunity…
PINAKI MAJUMDAR
Jamshedpur, September 12: The BRICS Summit, being held under the leadership of Prime Minister Narendra Modi, presents a historic opportunity to accelerate India’s economic growth by opening new avenues for trade, investment, technology partnerships and access to global markets, Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal and Joint Secretary General Suresh Sonthalia said on Saturday.
They said India’s growing stature on the global stage has positioned the country as a strong and credible voice among emerging economies.
The BRICS platform, they added, can help translate this recognition into tangible economic opportunities for traders, MSMEs, startups, manufacturers and exporters.
CAIT proposes ‘BRICS Trade Connect Mission’
Khandelwal and Sonthalia proposed the establishment of a “BRICS Trade Connect Mission” to institutionalise commercial cooperation among member countries.
The proposed initiative could facilitate market linkages, identify export opportunities, provide market intelligence, promote business partnerships and strengthen logistics and trade support systems for Indian enterprises.
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Key sectors could benefit from deeper BRICS cooperation
CAIT Chairman Brijmohan Agrawal said sectors such as textiles, pharmaceuticals, engineering goods, food processing, electronics, electrical products, handicrafts, consumer goods, services and digital commerce could particularly benefit from deeper cooperation among BRICS countries.
With global supply chains undergoing significant restructuring, India is increasingly emerging as a preferred destination for manufacturing, sourcing and investment.
Focus on digital payments and trade facilitation
Sonthalia, who is also the former president of the city-based Singhbhum Chamber of Commerce and Industry (SCCI), said BRICS offers India an opportunity to play a stronger role in shaping a more balanced, inclusive and equitable global economic order.
“India is no longer merely a participant in the global economic discourse; it is increasingly contributing to shaping its direction,” he said.
CAIT senior functionary Bharat Vasani said greater cooperation in areas such as digital payments, fintech, innovation, logistics, infrastructure, trade facilitation and financial integration could provide a major boost to cross-border commerce.
Such cooperation, he said, could also help reduce costs and procedural complexities for businesses engaged in international trade.
