Prime Minister Narendra Modi calls for pragmatic cooperation within BRICS, aiming to reduce trade barriers, foster start-up expansion, and strengthen economic ties amid mounting global disruptions to trade and supply chains.
Prime Minister Narendra Modi used the BRICS Business Forum in India to press for a more practical phase of cooperation among the bloc’s economies, arguing that the group should convert its scale into easier trade, greater investment and more business links. He said BRICS should identify and remove its 10 biggest trade barriers, help 100 start-ups each year expand into other member markets and create 1,000 new business partnerships annually, according to PTI and other reports.
Modi cast India as a country building “economic bridges” as global trade faces growing friction. He said secure sea lanes, free navigation and the safety of seafarers were vital to keeping commerce moving, a message that comes against the backdrop of wars and wider geopolitical tensions disrupting shipping routes, energy flows and supply chains, according to PTI.
He also pointed to the expanded BRICS grouping’s weight in the global economy, saying its members and partners now account for about half the world’s population, 40% of global GDP and more than a quarter of world trade. Commerce minister Piyush Goyal, speaking at the same forum, said BRICS exports have risen from about $900bn in 2003 to $6tn in 2024, while their share of global exports has almost doubled to roughly 24%, highlighting the bloc’s growing commercial reach.
The business forum also reflected broader industry concerns about the practical obstacles still limiting intra-BRICS trade. A Moneycontrol report said Indian businesses want the bloc’s summit to focus on lower trade barriers, easier cross-border payments, better trade finance and stronger supply-chain links. Separate coverage from Global South Expo said non-tariff barriers, including different standards and customs procedures, remain central constraints on trade within the bloc, underlining why Modi’s push for fewer barriers is likely to resonate with companies seeking faster market access.
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