BRICS Summit 2026: Prime Minister Narendra Modi, Russian President Vladimir Putin, Iranian President Masoud Pezeshkian, Brazilian Minister of Foreign Affairs Mauro Vieira and other leaders addressed the Leaders' Session of the BRICS Business Forum at Bharat Mandapam, New Delhi, on Friday. The Forum was organised on the eve of the BRICS summit 2026 to discuss trade cooperation and challenges.
PM Modi Bats For Freedom Of Navigation And The Safety Of Seafarers
Expressing concerns over the safety of trade ships, PM Modi said India is a staunch supporter of freedom of navigation and the safety of seafarers. "Global trade progress is possible only when sea lanes are secure, supply routes remain open, and seafarers are safe. That is why India is a staunch supporter of freedom of navigation and the safety of seafarers."
"Today, BRICS nations represent 50 per cent of the world's population, 40 per cent of its GDP, and over 25 per cent of global trade. Moreover, while global GDP has grown approximately two-and-a-half-fold over these years, the combined GDP of BRICS nations has expanded nearly four-and-a-half-fold. In other words, the economic strength of BRICS has grown at nearly twice the pace of the rest of the world," he pointed out the BRICS' power.
BRICS nations are also emerging as key hubs for global innovation and solutions, PM Modi said, adding that new possibilities for innovation, spanning everything from grassroots initiatives to frontier technologies, are taking shape within our countries. "The growing scale, speed, and optimism of BRICS are clearly evident among us. This forum, hosted in India, is the largest BRICS Business Forum to date," he added.
"Today, while trade barriers are rising globally, India is building economic bridges. Since 2014, we have entered into free trade agreements with nearly 40 countries," PM Modi asserted.
"We are rapidly expanding our roads, railways, ports, and airports. Simultaneously, we are building new capabilities in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals, and biotechnology. India’s Unified Payments Interface (UPI) has given fresh momentum to financial inclusion and digital transactions on a massive scale. Today, 50% of the world's real-time payments take place using this technology," he added.
BRICS's GDP Is 40%, While G7 29%: Putin Targets West
Putin, while speaking at the Leaders' Session of the BRICS Business Forum, targeted G7 countries, saying BRICS' GDP is far ahead of that of the Western countries.
"Over the last 5 years, more than 40% of the world's GDP has been produced by the BRICS countries, whereas the contribution of the so-called G7, the Great 7 - I don't know why they call that - stands at only 29%. Speaking about the growth of the world economy over the same period, we see that more than half of that growth has been accounted for by BRICS, whereas the G7 has only accounted for 18%. Why is that? The answer is simple: BRICS countries account for more than half of the world's population, and that is why they have great, dynamic, vibrant domestic markets," he added.
Right now, the world is undergoing structural, deep, profound shifts, which is explained by the fact that the so-called old leaders, which used to be the vanguard of economic growth in the second half of the 20th century, are being replaced by new engines of growth, Putin said.
"When I say old, this is just a formality - all of us understand what we are talking about. These so-called old leaders are still in possession of great strong suits and well-developed infrastructure, technological advantages, scientific advantages, scientific schools and so on and so forth. That's sad; this isn't the nature of things. This isn't the nature of humanity and the nature of the economy. The world is always changing," the President said.
Iranian President Pezeshkian Calls For Use Of Local Currencies
Pezeshkian, whose country is at war with the US, called for the use of local currencies in trade. "One of the most important steps is to expand the use of national currencies in trade among the members. This step must be accompanied by the establishment of the necessary instruments for managing currency risks and reciprocal settlements. Since the current financial system is vulnerable to political shocks due to its concentration on a limited number of currencies, to transform trade cooperation into real investment, the New Development Bank must become the principal engine for financing infrastructure and energy in member countries through dedicated credit lines, financing in local currencies and guarantee instruments for attracting private capital," he added.
The world today is going through one of its most complex periods, Pezeshkian said, adding that geopolitical uncertainty, disruption in its supply chains and the increasing use of economic instruments to exert political pressure have made the economic environment in which countries operate more complex.
"The question is, what is BRICS response to these challenges? We believe that the true strength of BRICS is not confined merely to the size of its members' economies; rather it becomes more apparent when these capacities are transformed into a network of trade, investment and joint financing - a transition from potential cooperation to operational one," he asserted.
'Global Economy Is Threatened By Protectionism: Brazilian Minister
Brazilian Minister of Foreign Affairs Mauro Vieira said, "We meet today amid profound transformations in the global landscape underpinned by decades of consistent growth within the Global South. From the 1960s to our days, low and middle-income countries' share of the world's GDP rose from 20% to more than 50%. BRICS members today account for 40% of the world's economic output."
With its recent expansion, BRICS has consolidated itself as a platform for connecting some of the world's most dynamic and prosperous economies, the Brazilian leader said, adding that at a time when the global economy is threatened by protectionism, economic coercion and unilateral sanctions, bringing our productive sectors closer together is more relevant than ever."
(With ANI inputs)