BRICS India summit begins
The two-day 18th BRICS Summit, hosted by India in New Delhi from Saturday, will focus on strengthening economic resilience, linking payment systems and promoting trade in local currencies as the grouping seeks to navigate a fragmented global geopolitical environment.
The summit will bring together leaders of BRICS member countries, including Chinese President Xi Jinping, Russian President Vladimir Putin, Iranian President Masoud Pezeshkian, South African President Cyril Ramaphosa and Indonesian President Prabowo Subianto, against the backdrop of the Russia-Ukraine conflict, the West Asia crisis and the Trump administration’s trade and tariff policies.
The summit’s theme, “Building for Resilience, Innovation, Cooperation and Sustainability”, reflects India’s emphasis on people-centred development and a Humanity-First approach.
Discussions are expected to cover food and energy security, health, disaster risk reduction, critical supply chains and economic cooperation.
India’s Commerce and Industry Minister Piyush Goyal on Friday called on BRICS member and partner countries to link their payment systems and promote trade in each other’s local currencies, saying stronger economic ties could help unlock the group’s potential.
Addressing the opening session of the BRICS Business Forum in New Delhi, Goyal urged countries to open their markets, simplify regulatory procedures and facilitate faster clearance of consignments.
He also called for deeper cooperation in agriculture, pharmaceuticals, engineering, electronics, automobiles, services, startups and emerging technologies.
Goyal said BRICS accounts for nearly one-fourth of global trade and stressed the need for diversified supply chains and more balanced trade partnerships.
He urged countries to open their markets to each other’s products, including raw materials and critical minerals, arguing that resilient supply chains must operate in both directions.
He also highlighted India’s Unified Payments Interface (UPI), which he said handles more than 250 billion transactions annually and is accepted in 11 countries. He called for greater cooperation in digital trade and emerging technologies.
External Affairs Minister S. Jaishankar, addressing the same session, said supply chain connectivity, trade facilitation, digital public infrastructure, artificial intelligence and advanced manufacturing were key opportunities for the next phase of BRICS cooperation.
He stressed the importance of a predictable business environment, diversified commercial relationships and transparent trade and investment, while calling for stronger cooperation among businesses, entrepreneurs and startups.
Meanwhile, Bangladesh has ruled out Prime Minister Tarique Rahman’s participation in the BRICS Summit, despite an invitation extended by Indian Prime Minister Narendra Modi to Rahman as chair of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
Modi invited Rahman on July 14 to attend the summit’s outreach segment as BIMSTEC chair, saying his participation would enrich the deliberations.
Bangladesh, however, is placing greater emphasis on bilateral engagement with India, depending on a conducive environment, according to State Minister for Foreign Affairs Humayun Kobir.
“How shall we go? Has anyone from the Bangladesh government been invited? Our prime minister was not invited.
The BIMSTEC Chair was invited,” Kobir told reporters after attending a seminar on the protracted Rohingya crisis at the Foreign Service Academy in Dhaka on Thursday.
“Bangladesh is not a BRICS member, but India had invited Tarique to take part in the summit’s outreach session as BIMSTEC chair. So where is the scope or context for sending a delegation there?” he said.
Bangladesh’s decision comes as India seeks to deepen economic cooperation among BRICS members and partners while promoting greater integration of payment systems and local currency trade.
The summit is expected to further discussions on the group’s role in addressing global economic uncertainty and strengthening cooperation in areas affecting the developing world.
Meanwhile, Russian President Vladimir Putin and Iranian President Masoud Pezeshkian arrived in New Delhi on Friday for the 18th BRICS Summit.
