India targets speeding up of Brics trade agreement

India's trade with Brics countries may be poised for a take-off as officials work to extend customs-related privileges to trusted merchants from these nations, which would also fetch similar benefits to Indian exporters to those markets, two persons familiar with the matter said.

While such a mutual recognition agreement (MRA) is already in place with Russia, the next one will be signed with South Africa, one of the two people said. "This is expected by the end of January 2025. Work has already started to sign a similar deal with Brazil," the person said on the condition of anonymity.

This may be followed by negotiations for a similar pact with China, India's immediate neighbour and biggest trading partner.