Identify 10 Trade Barriers, Support 100 Startups And Build 1,000 Business Partnerships: PM Modi's 3-Point BRICS Plan

Jaiprakash Ranjan, New Delhi: As the global economy reels from US tariff policy and the West Asia conflict, Prime Minister Narendra Modi urged BRICS countries to identify and eliminate their top ten trade barriers during his address at the BRICS Business Forum on Friday.

Sharing the stage with Russian President Vladimir Putin, Iranian President Masoud Pezeshkian, South African President Cyril Ramaphosa, and Brazilian Foreign Minister Mauro Vieira, Modi conveyed a clear message that India will decide its own diplomatic and economic policy.

Highlighting the impact of recent regional conflicts, which have disrupted global energy, fertiliser, and food supplies and claimed the lives of several Indian sailors, he stated unequivocally that global trade can only grow when sea lanes are safe, supply routes remain open, and seafarers are protected.

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10 Trade Barriers, 100 Startups, And 1,000 New Partnerships

PM Modi highlighted that while trade barriers are rising globally, India is building bridges, having signed free trade agreements with nearly 40 countries since 2014. Applying this same approach to BRICS, he asked the forum to undertake three tasks:

1. Identify and report on the top ten trade barriers within BRICS to address them.
2. Promote 100 startups to other BRICS markets each year.
3. Establish 1,000 new business partnerships, backed by an annual review mechanism.

Bloc Expansion, Economic Growth

PM Modi recalled that BRICS expanded from four countries in 2006 to 21 today, including partner nations. These countries account for half the world's population, 40 per cent of global GDP, and over 25 per cent of world trade. While global GDP grew two and a half times over this period, BRICS' combined GDP grew four and a half times, contributing over half of all global economic growth in the last five years.

Speaking at the forum, Putin noted that the G-7 now contributes only 29 per cent to world GDP, quipping, "I don't know why it's called the G-7."

Putin also proposed a new investment platform for trade, infrastructure, logistics, and technology, including cooperation in the Arctic and the North-South Corridor, stressing that "we are not against anyone; we are for our own interests." He also indicated Russia's support for expanding BRICS further into new economic centres.

Proposals For Financial Systems And De-Dollarization

Iranian President Pezeshkian argued that the current financial system relies on a few currencies, leaving the world vulnerable to political shocks where sanctions on one country cause widespread impact. To make the system resilient against external restrictions:

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• Pezeshkian strongly called for increasing the circulation and trade of local national currencies within BRICS to prevent any single country from restricting another's financial operations or blocking legitimate trade.
• Citing Iran's geographical location and energy reserves as a bridge to the BRICS supply chain, Iran requested loans and guarantees in local currency from the New Development Bank.
• Iran proposed establishing a BRICS joint reinsurance company with a capital of USD 10 billion to absorb the risks of major energy and infrastructure projects within the group.