New Delhi – Prime Minister Narendra Modi has called on BRICS member nations to urgently address and remove their top ten trade barriers, while simultaneously bolstering maritime security to facilitate seamless global commerce. Speaking at the BRICS Business Forum in New Delhi on Friday, Modi underscored India's commitment to building "economic bridges" amidst increasing global trade protectionism and uncertainties.
Modi urged the BRICS Council to identify these significant obstacles to trade among member countries and compile a comprehensive report on their removal. "As BRICS enters its third decade, I urge the council to make a report on removing the top ten trade barriers amongst the member nations," he stated.
India as a Global Growth and Solutions Hub
The Prime Minister highlighted India's robust economic growth and its emerging role as a global development and solutions hub. He pointed to the nation's thriving startup ecosystem, advancements in artificial intelligence, and the widespread success of its digital payment systems, particularly the Unified Payments Interface (UPI), which has significantly expanded financial inclusion.
Modi emphasized that India offers a source of confidence and stability in an unpredictable global landscape. "India today is a paramount example of stability and growth," he affirmed, addressing the forum.
Bilateral Talks with Russian President Putin
Modi's address followed a bilateral meeting with Russian President Vladimir Putin, who was also in New Delhi for the BRICS summit. The 45-minute discussion focused on strengthening India-Russia trade and investment ties, with both leaders agreeing to work towards increasing annual bilateral trade to $100 billion by 2030, up from the current $65 billion.
Discussions also covered cooperation in critical sectors such as defence, critical minerals, civil nuclear energy, and fertiliser supplies. Regional and global issues, including conflicts in West Asia and the Black Sea region, were also on the agenda, with particular attention paid to their impact on maritime trade and the safety of Indian seafarers. Modi reiterated India's stance that dialogue and diplomacy are the pathways to resolving conflicts.
BRICS Marks Two Decades of Influence
Reflecting on the bloc's history, Prime Minister Modi noted that BRICS is celebrating 20 years since its inception in 2006. He highlighted the grouping's substantial global influence, representing 50% of the world's population, 40% of combined GDP, and 25% of global trade. Modi observed that the "increasing scale and optimism" within BRICS were clearly evident, marking this forum as the largest in the bloc's history.