BRICS Business Council Should Target Top 10 Trade Barriers Removal, Support 100 BRICS Startups Annually: PM Modi

(MENAFN- KNN India) New Delhi, Sep 12 (KNN) Prime Minister Modi on Friday called on the BRICS Business Council to identify and work towards removing the top 10 trade barriers among member countries, while proposing support for 100 BRICS startups annually to expand into other member markets.

Addressing the Leaders' Session of the BRICS Business Forum in New Delhi, Modi also called for forging 1,000 new business partnerships across BRICS nations and suggested that progress on all three targets be reviewed annually, ANI reported.

“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?” Modi said.

“Let us transform BRICS' ambitions into action and our collective strength into global solutions,” he added.

India Building Economic Bridges Amid Global Trade Barriers

Modi said India was building economic bridges even as trade barriers rise globally and has diversified supply chains across sectors to strengthen resilience and ensure growth and stability amid global uncertainties.

“Over the past 12 years, India has made this mantra the foundation of its economic and trade policies,” he said, referring to the theme of India's BRICS chairship -“Building for Resilience, Innovation, Cooperation, and Sustainability.”

He highlighted India's expanding roads, railways, ports and airports, along with new capabilities in strategic sectors including shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology.

Modi also highlighted the role of UPI in financial inclusion and digital payments, saying around half of the world's real-time payments take place using the technology.

Secure Sea Lanes Essential for Global Trade

The Prime Minister said global trade could advance only when sea lanes were secure, supply routes remained open and seafarers were safe.

“That is why India is a staunch supporter of freedom of navigation and the safety of seafarers,” he said.

Modi also stressed the importance of women entrepreneurs, noting that around 200 women business leaders participated in a meeting of the BRICS Women's Business Alliance hosted in India.

(KNN Bureau)

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