New Delhi, India - India's Prime Minister Narendra Modi has called on BRICS countries to cut trade barriers and expand business opportunities, saying India is building economic bridges amid rising global protectionism.
“Today, as trade barriers are increasing around the world, India is building economic bridges. Since 2014, we have entered into Free Trade Agreements with nearly 40 countries around the world. Our approach within BRICS is also the same: reduce barriers and expand opportunities for businesses,” Modi said on Friday during the BRICS Business Forum in New Delhi, India.
The Prime Minister’s comments come as India will host the 18th BRICS Summit from 12 to 13 September 2026.
He also urged the BRICS Business Council to prepare a report identifying the top 10 trade barriers among member countries and proposing ways to remove them.
According to Modi, India’s BRICS Presidency has focused on creating practical cooperation networks in agriculture, healthcare, skills and smart grids, with the aim of connecting start-ups and small and medium enterprises (SMEs) to markets and finance.
“We have launched initiatives such as the BRICS Incubator Network, BRICS Micro, Small and Medium Enterprises (MSME) Portal, and BRICS Startup Innovation Fund. You can all benefit from these cooperation frameworks and further increase the exchange of investment and talent among our countries,” the Prime Minister said.
Modi also underlined the importance of keeping global supply routes open, protecting freedom of navigation and ensuring 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 staunch advocate of freedom of navigation and the safety of seafarers,” Modi said.
Speaking at the session, President Cyril Ramaphosa called on BRICS governments and business communities to use the grouping as a platform to deepen investment and trade, reshape existing economic patterns and transform the economies of countries across the Global South.
“We cannot accept a future where Africa supplies the minerals on which the next generation of industries depends, while value addition and manufacturing take place elsewhere.
“If we are to change where value is created, we must also change where investment is directed. We must direct investment towards manufacturing and beneficiation, industrial technologies, energy systems, infrastructure and logistics,” President Ramaphosa said.
READ | President Ramaphosa calls on BRICS to reshape global economic patterns
The BRICS Business Forum brought together business leaders, Ministers and Heads of State to discuss trade, investment, finance, technology and development challenges shaping the bloc’s economic agenda.
The forum provides a platform to present and discuss key proposals from the BRICS Business Council, making it an important agenda-setting space for the grouping.
Its conclusions and recommendations are often reflected in BRICS Summit declarations and follow-up work plans, particularly on intra-BRICS trade, investment, the digital economy, micro, small and medium enterprises, standards cooperation and value chain integration. -SAnews.gov.za
