Brics 2026: Identify 10 trade obstacles to be removed, PM tells industry

Brics leaders call for deeper financial integration, greater intra-group trade and a new investment platform to mobilise private capital for infrastructure projects

Prime Minister Narendra Modi on Friday said at a time when trade barriers are increasing in the world, India is building “economic bridges”, and asked business leaders to identify barriers that can be removed.

 

Speaking at the Brics Business Forum on the eve of the two-day Brics Summit that begins today, Modi said India’s presidency of the grouping reflects its approach of reducing barriers and increasing opportunities for businesses in agriculture, health, and for startups and micro, small, and medium enterprises.

 

He stressed the importance of freedom of navigation, security of sea lanes and safety of seafarers are  prerequisites for healthy global trade.

 

 

The PM urged the Brics Business Forum, which comprises captains of industry from member countries, to recommend removing “top ten trade barriers”, support at least a 100 Brics startups every year to scale their business to other Brics markets and explore opportunities to forge partnerships between a 1,000 businesses of the 11-member grouping.

 

However, the speeches of some leaders at the Brics Business Forum revealed the internal churn taking place within the 11-member bloc. The top leaders of Russia, South Africa and Iran called for the grouping to be more financially integrated to meet the challenges of an uncertain global environment. South African President Cyril Ramaphosa said Brics was at an inflection point and must decide whether it wishes to merely remain a platform for consultations.

 

Suggestions from these leaders included setting up a new investment platform to mobilise private capital for intra-Brics infrastructure projects. The joint statement at last year’s summit had noted the discussions on setting up a New Investment Platform.  

 

Leaders started arriving in New Delhi for the two-day Brics Summit that begins today, with Russian President Vladimir Putin landing in the early hours of Friday, Iranian President Masoud Pezeshkian in the afternoon, while Chinese President Xi Jinping will arrive by Saturday afternoon.

 

Separately, Prime Minister Modi held bilateral meetings with Putin, Pezeshkian and UN Secretary General Antonio Guterres. He will hold similar meetings with other visiting leaders as well over the weekend, including with Xi on Saturday evening.

 

At the business forum, Putin spoke of the declining economic and industrial might of the Group of Seven, or G7, with Brics countries replacing it. He said the western countries claimed that “competition is sacrosanct”, but it has taken an “ugly turn” as Iran is witnessing and “more than 30,000 sanctions” have been imposed on Russia, despite which the country has shown resilience.

 

Putin said 40 of Russia’s top companies are part of its national committee for business cooperation, which seeks to build a substantive programme for cooperation with foreign partners, including in development of reliable logistic routes, such as the Arctic corridor and the North-South Transport Corridor.

 

“We are not against anyone,” Putin said. “We are in favour of our respective national interests.”

 

Brics members have been exploring ways to increase development financing, infrastructure investment and the use of local financial resources, while reducing dependence on Western-led financial institutions.

 

South Africa’s Ramaphosa spoke of how Brics member countries turned adversity of sanctions and unilateralism into opportunities by developing new capacities. The question is no longer whether there is potential within Brics, but whether it has the ambition and instruments to convert this potential into economic value for its people. He said Brics should not merely serve as a forum for consultation but as a mechanism for developing commercial relationships and productive partnerships.

 

Iran’s Pezeshkian spoke about the US and Israeli attacks on his country, and called for greater intra-Brics trade, integration of cross-border markets, energy, food and transport supply chains, and expanding the use of national currencies in trade. He said the New Development Bank must become the principal engine for infrastructure development in member countries though dedicated credit lines.

 

He said Iran supports a Brics joint reinsurance company with an initial capital of $10 billion to cover the risks of major infrastructure and energy projects to increase private sector confidence putting its money.