NEW DELHI: Prime Minister Narendra Modi on Friday proposed a three-pillar strategy to deepen trade relations among BRICS nations, urging the bloc to remove the top 10 trade barriers, support 100 startups every year to expand into other BRICS markets and create 1,000 new business partnerships annually and to review the progress periodically to ensure economic development.
During his address at the Leaders' Session of the BRICS Business Forum on Friday, Modi said, "As BRICS enters its third decade, I would like to urge the BRICS Business Council: Can you prepare a report on removing the top ten trade barriers among BRICS nations? Can we support 100 BRICS startups annually to scale up in other BRICS markets? Can we forge a thousand new partnerships among our businesses? We should review our progress on these three parameters every year.”
He proposed that the grouping review progress against these three parameters every year can even help transform BRICS' ambitions into action and our collective strength into global solutions.
The proposal comes at a time when India and other emerging economies are seeking to strengthen trade and investment links within the Global South amid rising protectionism, counter sanctions from Western world and other geopolitical challenges that are causing disruptions to global supply chains.
He emphasised that amid rising trade challenges due to geopolitical tension, India has remained focused on reducing barriers and expanding opportunities for businesses. Under India's BRICS presidency, the grouping has established new cooperation networks in sectors including agriculture, health, skills and smart grids, he said. He urged the business especially the smaller ones to leverage the benefits of several institutional initiatives like the BRICS Incubator Network, the BRICS MSME Portal and the BRICS Startup Innovation Fund, to increase the exchange of investment and talent among member nations.
Pitching BRICS as an increasingly important centre of global economic activity, Modi said the grouping now accounts for around 50% of the world's population, 40% GDP and more than 25% of global trade.
He noted that at a time global GDP has expanded by around two-and-a-half times over the years, the combined GDP of BRICS nations has grown by nearly four-and-a-half times--- a growth that reflects the economic strength of the Bloc and the potential that it could unfold.
"The economic strength of BRICS has grown at nearly twice the pace of the rest of the world. BRICS nations are also emerging as key hubs for global innovation and solutions. New possibilities for innovation, spanning everything from grassroots initiatives to frontier technologies, are taking shape within our countries, " added the Indian PM.
Modi also underlined the importance of maritime security for sustaining global commerce. “Global trade progress is possible only when sea lanes are secure, supply routes remain open, and seafarers are safe,” he said, adding that India remained a “staunch supporter” of freedom of navigation and the safety of seafarers.