New Delhi, Oct. 3: India plans to push for increased trade with Brazil, Russia, China and South Africa as part of its measures to deepen ties within the Brics grouping as shipments amongst them are less than 5 per cent of their total global trade.
The five-nation Brics group will hold events here this month to reform the global governance architecture which is yet to reflect the changing scenario where the emerging economies are playing a larger role, the commerce ministry said in a statement.
Another agenda for the Brics economies is to work with the international community in keeping the multilateral trading system stable, it said.
"Even as Brics nations work together towards achieving these objectives, there is a need for measures to deepen intra-Brics economic engagement, trade and investment ties," it said.
Intra-Brics trade increased to $297 billion in 2014 from $281.4 billion in 2012. Globally, merchandise imports from the world into the Brics countries have gone up from $2.95 trillion in 2012 to $3.03 trillion in 2014.
Likewise, the global merchandise exports of the Brics countries have gone up from $3.2 trillion in 2012 to $3.47 trillion in 2014.
"This encouraging trend needs to be strengthened as trade among Brics nations is less than 5 per cent of their total global trade," it said.
Analysts said the factors hampering intra-Brics trade in general, and India-Brics trade in particular, are prevalence of non-tariff barriers and relatively low emphasis on trade in services, even though the service sector accounts for 60 per cent or more of GDP in all Brics countries except China (43 per cent).