India Calls For Greater Economic Resilience, Diversified Supply Chains Across BRICS

New Delhi, Sept 11 (KNN) India has called for greater economic resilience, diversified supply chains, self-reliance and easier market access among BRICS economies as geopolitical conflicts, the West Asia crisis and shifting US tariff policies add to global economic uncertainty.

Addressing the inaugural BRICS Business Forum in New Delhi, External Affairs Minister S Jaishankar said the global political and economic order was under stress, making resilience a central challenge for economies. 

He said greater economic activity and security for BRICS would require stronger self-reliance while remaining connected to the global economy, reported Businessline.

Jaishankar said resilient BRICS economies would need dependable logistics, predictable business environments, diversified commercial access, transparent regulations and investment frameworks, along with energy systems capable of managing disruption and transition.

Goyal Calls For Easier Trade Within BRICS

Commerce and Industry Minister Piyush Goyal urged BRICS members and partner countries to reduce regulatory and non-tariff barriers and strengthen supply-chain resilience.

He called for greater openness to products, raw materials and critical minerals from member countries, along with simpler regulatory procedures and faster clearances.

Goyal also called for greater opening of services markets, easier movement of professionals and wider recognition of professional qualifications across BRICS economies.

He proposed deeper digital and financial integration, including linking payment systems and promoting trade in local currencies. India’s digital payment interface, he said, records more than 250 billion transactions annually and is accepted in 11 countries.

Focus On Technology And Global Value Chains

Goyal said BRICS economies have significant capabilities in agriculture, pharmaceuticals, engineering, electronics, automobiles, auto components and services, creating scope for joint innovation, technology partnerships and more resilient global value chains.

Jaishankar highlighted digital public infrastructure, artificial intelligence (AI), fintech and advanced manufacturing as areas offering significant opportunities, while noting challenges related to access, standards, security and trust.

Russian Economic Development Minister Maxim Reshetnikov said Russia was seeking greater foreign investment and had restructured trade towards ‘friendly partners’, which now account for around 85 per cent of its total trade turnover.

He also proposed establishing a BRICS grain exchange as an independent mechanism for strategic commodities, with investment from both public and private sectors.

The BRICS Business Forum, being held ahead of the BRICS Summit in New Delhi, brings together businesses and industry representatives from member countries to identify commercial opportunities and address barriers to economic cooperation.

Jaishankar said the forum should focus on practical outcomes by identifying business opportunities, challenges and measures governments could take to address them. He said the strength of BRICS would ultimately be judged by the partnerships, opportunities and results it delivers.

(KNN Bureau)