New Delhi, September 11: India on Friday called for stronger trade ties, diversified supply chains, easier market access and greater cooperation in digital technologies among BRICS member and partner countries, as the BRICS Business Forum opened in New Delhi.
Addressing the opening session, Union Commerce and Industry Minister Piyush Goyal said BRICS accounts for nearly one-fourth of global trade and urged members to reduce regulatory barriers, simplify customs procedures and open markets to each other’s products, including raw materials and critical minerals.
Goyal said resilient supply chains should operate in both directions and called for greater cooperation in agriculture, services, startups and professional mobility. He urged BRICS countries to encourage agri-tech startups to develop solutions for farmers and facilitate recognition of professional qualifications across borders.
He also highlighted India’s digital public infrastructure, saying the Unified Payments Interface (UPI) handles more than 250 billion transactions annually and is accepted in 11 countries. He called for greater linkage of payment systems among BRICS countries, promotion of trade in local currencies and cooperation in emerging technologies.
Goyal said India’s recognised startup ecosystem has reached 250,000 enterprises, with more than 45 per cent having at least one woman partner or director. He also called for greater participation of women-led businesses in BRICS trade fairs, exhibitions and other commercial platforms.
External Affairs Minister S. Jaishankar said BRICS has evolved significantly over the past 20 years in terms of membership, agenda and mechanisms of cooperation. He said India’s chairship has focused on resilience, innovation, cooperation and sustainability amid geopolitical conflicts, pandemics, climate disruptions and rapid technological change.
Jaishankar identified supply chain connectivity and trade facilitation as key areas, alongside services, agriculture, agritech, digital delivery, MSMEs, startups and women-led enterprises. He said BRICS cooperation should promote dependable logistics, predictable business conditions, diversified commercial relationships and transparent trade and investment.
He also highlighted opportunities in digital public infrastructure, artificial intelligence, fintech and advanced manufacturing. India’s BRICS chairship, he said, has sought to strengthen the innovation ecosystem through the BRICS incubator network and the BRICS Startup Innovation Fund.
Minister of State for Commerce and Industry and Electronics and Information Technology Jitin Prasada called for greater cooperation in artificial intelligence, semiconductors, digital public infrastructure and data centres. He highlighted India’s Semiconductor Mission 2.0 and urged BRICS countries to co-develop, co-invest and co-innovate in technology and research.
Commerce Secretary Rajesh Agrawal said trade among BRICS countries had increased from USD 84 billion in 2003 to nearly USD 1.2 trillion in 2024. He called for strengthening the multilateral trading system with the World Trade Organization at its core and proposed greater cooperation through BRICS Connect, business-to-business partnerships, an annual BRICS Trade and Investment Expo and digital trade documentation.
The session was also addressed by Russian Economic Development Minister Maxim Reshetnikov. The discussions are expected to feed into the next phase of BRICS economic cooperation and upcoming deliberations among member countries.
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