New Delhi, India – Prime Minister Narendra Modi joined fellow leaders and influential business figures for a significant 'family photograph' at the BRICS Business Forum 2026 in New Delhi. This event served as a crucial prelude to the 18th BRICS Summit, with India hosting the proceedings.
The forum brought together political leaders, ministers, and top executives from BRICS member and partner countries. Discussions centered on strategies to deepen economic cooperation, expand trade, and strengthen investment linkages, all against a backdrop of increasing global economic uncertainty.
Key Economic Cooperation Focus
The agenda for the BRICS Business Forum was comprehensive, addressing several critical areas for member economies. Participants engaged in dialogue on trade facilitation, building resilient supply chains, enhancing digital connectivity, streamlining payment systems, and fostering greater integration across the BRICS bloc.
Ministerial Calls for Integration and Digital Innovation
Commerce and Industry Minister Piyush Goyal, addressing the forum, urged BRICS nations to further open their markets, reduce non-tariff barriers, and integrate their payment systems. He also championed the increased use of local currencies for trade transactions. Goyal highlighted India's Unified Payments Interface (UPI) as a potential model for deeper digital financial cooperation within BRICS, noting its annual volume of over 250 billion transactions and acceptance in 11 countries.
Goyal underscored BRICS' substantial role, representing nearly one-fourth of global trade. He stressed the collective responsibility of member countries to simplify trade procedures and collaborate on generating jobs, wealth, and prosperity.
Building Resilient Supply Chains
Separately, External Affairs Minister S. Jaishankar emphasized the importance of constructing resilient supply chains, maintaining predictable business environments, and diversifying trade relationships throughout the BRICS economies. He asserted that the grouping's economic strength would increasingly depend on its capacity to withstand global shocks while remaining interconnected and competitive.
Significant Business-to-Business Engagement
The forum also facilitated substantial direct business engagement. Over 600 business-to-business (B2B) meetings took place within a few hours, involving approximately 2,000 delegates. These included around 1,100 Indian participants and 900 foreign counterparts, all engaged in discussions aimed at forging new commercial partnerships and strengthening existing ones.
The symbolic photograph featuring Prime Minister Modi alongside participating BRICS leaders and business representatives underscored India's commitment to prioritizing business, investment, and economic cooperation during its tenure as BRICS chair.