PM Modi pitches greater BRICS economic cooperation, calls for removal of top 10 trade barriers

Prime Minister Narendra Modi on Friday called for greater economic cooperation among BRICS countries, including removal of the top 10 trade barriers, helping 100 startups scale in other member markets and creating 1,000 new business partnerships annually.

Addressing the BRICS Business Forum in New Delhi, Modi highlighted that the grouping has expanded from four countries in 2006 to a 21-country family comprising BRICS members and partner countries.

BRICS countries now account for 50% of the world's population, 40% of global GDP and more than 25% of global trade, he said.

"BRICS' economic strength has grown at nearly twice the pace of the world," Modi said.

He noted that the combined GDP of BRICS countries has grown around four-and-a-half times over the period when global GDP has expanded about two-and-a-half times.

He said the BRICS countries are also emerging as important centres of global innovation and solutions, with new possibilities taking shape from grassroots innovation to frontier technologies.

"This is the largest BRICS Business Forum held so far," Modi said.

Highlighting India's startup ecosystem, Modi said the country now has more than two lakh startups and over 120 unicorns.

Indian startups are working on applications ranging from artificial intelligence in education and healthcare to green hydrogen and batteries, besides breaking new ground in defence and space, he said.

"Now, through BRICS, we have to take these world-class innovations to global markets," Modi said.

He cited the Unified Payments Interface (UPI) as an example of India's ability to innovate at population scale.

Around 50% of the world's real-time payments take place using the technology, Modi said, adding that India has created an open ecosystem for industry and startups to build new solutions on the digital payments infrastructure.

He invited BRICS innovators to draw on India's experience to develop solutions for their own countries.

He also referred to initiatives such as the BRICS Incubator Network, BRICS MSME Portal and BRICS Startup Innovation Fund aimed at connecting startups and small businesses with markets and finance.

"All these cooperation frameworks can be used by all of you," he said, urging businesses to increase investment and talent exchanges among BRICS countries.

Modi stressed the importance of secure sea lanes and open supply routes for global trade and said India was a strong supporter of freedom of navigation and the safety of seafarers.

"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," the prime minister said.

He said the BRICS Women's Business Alliance was another important component of the grouping's economic vision, noting that around 200 women business leaders participated in its meeting held in India.

As BRICS enters its third decade, Modi asked the BRICS Business Council to consider three measurable targets.

"Can you prepare a report to remove the top 10 trade barriers among BRICS countries? Can we support 100 BRICS startups every year to scale in other BRICS markets? Can we develop 1,000 new partnerships among our businesses?" he asked.

He called for annual reviews of progress on these three measures.

"Let us turn BRICS' ambition into action, and collective strength into global solutions. Let BRICS move forward, and take the world forward as well," Modi said.