‘Economic bridges, not barriers’: PM Modi flags trade barriers, seafarer safety at BRICS Business Forum
&imwidth=600&imheight=450&format=webp&quality=medium "‘Economic bridges, not barriers’: PM Modi flags trade barriers, seafarer safety at BRICS Business Forum")
PM Modi addresses the BRICS Business Forum in New Delhi, joined by Russian President Vladimir Putin, Iranian President Masoud Pezeshkian, South African President Cyril Ramaphosa and Brazilian Foreign Minister Mauro Vieira. Photograph: (MEA)
PM Modi highlighted BRICS' collective strength, noting that its members account for 50% of the world's population, 40% of global GDP and over 25% of global trade.
Prime Minister Narendra Modi on Friday (Sept 11) said India is building “economic bridges” at a time when trade barriers are increasing globally. Speaking at the BRICS Business Forum in New Delhi, Modi said India has entered into free trade agreements with nearly 40 countries since 2014.
“Our approach remains focused on reducing barriers and expanding opportunities for businesses. That is why, under our BRICS presidency, we have established new cooperation networks in sectors such as agriculture, health, skills, and smart grids,” he said.
The Prime Minister was joined at the forum by several BRICS leaders, including Russian President Vladimir Putin, Iranian President Masoud Pezeshkian and South African President Cyril Ramaphosa.
External Affairs Minister S Jaishankar, Brazilian Foreign Minister Mauro Vieira and Commerce and Industry Minister Piyush Goyal were also present.
Modi highlights BRICS economic strength
Addressing the leaders session, Modi highlighted the collective economic strength of BRICS countries and described them as major centres of global innovation and solutions amid growing uncertainty.
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“Today, BRICS nations represent 50% of the world's population, 40% of its GDP, and over 25% of global trade. Moreover, while global GDP has grown approximately two-and-a-half-fold over these years, the combined GDP of BRICS nations has expanded nearly four-and-a-half-fold. In other words, the economic strength of BRICS has grown at nearly twice the pace of the rest of the world. BRICS nations are also emerging as key hubs for global innovation and solutions. New possibilities for innovation, spanning everything from grassroots initiatives to frontier technologies, are taking shape within our countries. The growing scale, speed, and optimism of BRICS are clearly evident among us. This forum, hosted in India, is the largest BRICS Business Forum to date.”
Modi said India has made resilience and innovation central to its economic and trade policies.
“The theme of India’s BRICS chairmanship is 'Building for Resilience, Innovation, Cooperation, and Sustainability.' Over the past 12 years, India has made this mantra the foundation of its economic and trade policies,” the Prime Minister said.
Modi stresses seafarer safety
The Prime Minister also stressed the importance of safe sea routes for global trade and said seafarer safety must remain a priority.
“Global trade can move forward only when sea lanes are secure, supply routes remain open and seafarers are safe. That is why India is a steadfast advocate of freedom of navigation and the safety of seafarers,” Modi said at the BRICS Business Forum.
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India focuses on stronger supply chains
Modi said India has worked to make supply chains across sectors such as energy and technology more diverse and reliable.
“India has made supply chains spanning sectors from energy to technology more diversified and reliable. It is a result of this resilience that, even amidst global uncertainties, India today offers the assurance of growth and stability. We are rapidly expanding our roads, railways, ports, and airports," he said.
He added that India is also building new capabilities in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.
“India’s Unified Payments Interface (UPI) has given fresh momentum to financial inclusion and digital transactions on a massive scale. Today, 50% of the world's real-time payments take place using this technology,” he added.
India is hosting the 18th BRICS Summit in New Delhi on September 12 and 13 under its 2026 chairship. The chairship is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability”, with development, sustainability and innovation at the centre of its agenda.
