Prime Minister Narendra Modi has called for secure sea lanes, open supply routes and the safety of seafarers to sustain global trade. He also urged BRICS countries to work towards removing trade barriers and expanding opportunities for businesses. Mr Modi stated this while addressing Leaders’ Session of BRICS Business Forum at Bharat Mandapam in New Delhi last evening. The Prime Minister said India was a strong advocate of freedom of navigation and the safety of seafarers, stressing that secure maritime routes were essential for the smooth movement of global trade.
Amid rising trade barriers globally, Prime Minister Modi said India was seeking to build economic bridges. He said, India today offers a source of confidence for growth and stability. He called for Make in India, Innovate with India and Scale for the world. He said India has entered into Free Trade Agreements with nearly 40 countries since 2014, and stressed that its approach within BRICS was similarly focused on reducing barriers and expanding opportunities for businesses.
The Prime Minister also highlighted initiatives such as the BRICS Incubator Network, BRICS MSME Portal and BRICS Startup Innovation Fund, aimed at connecting startups and small and medium enterprises with markets and finance. He called for greater exchanges of investment and talent among BRICS countries through these cooperation frameworks.
Prime Minister Modi described BRICS countries as emerging centres of global innovation and solutions, with new possibilities taking shape from grassroots initiatives to frontier technologies. He said BRICS countries now represent 50 per cent of the world’s population, 40 per cent of global GDP and more than 25 per cent of global trade. He said that while global GDP has grown by around 2.5 times over the past two decades, the combined GDP of BRICS countries has increased by around 4.5 times, indicating that the bloc’s economic strength has grown at nearly twice the pace of the world economy. PM Modi noted that BRICS is celebrating 20 years this year. The grouping, which began with four countries in 2006, has expanded into a family of 21 BRICS and partner countries.
Addressing the Forum, Russian President Vladimir Putin said that, over the last five years, more than 40 per cent of the world’s GDP has been produced by the BRICS countries. He said BRICS countries account for more than half of the world’s population, and that is why they have great, dynamic, vibrant domestic markets.
Iranian President Masoud Pezeshkian suggested that one of the most important steps is to expand the use of national currencies in trade among the members. He said this step must be accompanied by the establishment of the necessary instruments for managing currency risks and reciprocal settlements.
South African President Cyril Ramaphosa said the Global South must lead in manufacturing, Technology and value creation. He also raised concern over unilateral sanctions.
Iranian President Masoud Pezeshkian suggested that one of the most important steps is to expand the use of national currencies in trade among the members. He said this step must be accompanied by the establishment of the necessary instruments for managing currency risks and reciprocal settlements.
Brazilian Minister of Foreign Affairs Mauro Vieira said that, with its recent expansion, BRICS has consolidated itself as a platform connecting some of the world’s most dynamic and prosperous economies. He said that at a time when the global economy is facing threats from protectionism, economic coercion and unilateral sanctions, bringing productive sectors closer together is more relevant than ever.
In his address, Commerce and Industry Minister Piyush Goyal said that, during India’s chairship, BRICS has been driven by a clear purpose – to achieve more balanced trade among member nations and explore the expansion of trade in services across the bloc.
Mr Goyal said that, under the visionary leadership of Prime Minister Narendra Modi, India remains committed to ensuring that this cooperation reaches those who form the backbone of BRICS economies. He said the cooperation must benefit farmers, empower women in business and beyond, and provide greater opportunities for wealth creation and prosperity to young entrepreneurs and micro, small and medium enterprises.
Mr Goyal said that, with the participation of more than two thousand business leaders and delegates from member and partner countries, this is the largest BRICS Business Forum ever held. He said the Forum has taken up key issues, including non-tariff barriers affecting global value chains, agriculture and agri-technology, trade in services, women-led enterprises and the digital economy.
