Context:
India is now trying to get all customs-related benefits extended to a trusted trader from BRICS countries and it may end up availing benefits for the Indian exporter itself.
Highlights from the News:
- The trade between India and BRICS nations cumulatively over the last one year from June 2013-14 at 8.3 percent annually to $215.3 billion in FY24.
- Such an agreement will be beneficial for Indian exporters as it might improve exports into India because of the trade deficit with the second-largest economy worldwide.
BRICS:
- BRICS(named after countries joined firstly) pursued relationships of investment, and later it became an intergovernmental organization comprising nine countries namely Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, UAE.
- First Summit: Russia in 2009
- Founded in: 16 June 2009
