India's BRICS trade initiatives 2026

In August 2026, ahead of the BRICS summit that India will host, officials outlined a series of initiatives to deepen economic ties with fellow BRICS members.

India’s ambassador to Russia reiterated the $100 billion bilateral‑trade target for 2030, noting endorsement by both governments, expanded energy cooperation on the Kudankulam nuclear project, and a rise in Indian professionals in Russia from a few‑thousand to over 100 thousand. The next session of the India‑Russia Intergovernmental Commission for Trade, Economic, Scientific, Technological and Cultural Cooperation is slated for later in the year to review progress.

At the same summit, India’s commerce minister met South Africa’s trade minister to revive a preferential customs‑union framework, focusing on critical minerals, pharmaceuticals and manufacturing, with a Terms‑of‑Reference to be signed soon. The minister also held bilateral talks with Brazil and Egypt on agriculture, energy and pharma cooperation.

Education ministers from India, South Africa, Indonesia and Iran convened in Jaipur to discuss primary and higher‑education collaboration, skill development, research, innovation and digital learning, underscoring a broader push to diversify supply chains and strengthen trade across BRICS partners.