New Delhi:
Prime Minister Narendra Modi used the BRICS Summit Business Forum to express a major concern that is causing anxiety among Indian seafarers.
Apparently referring to recent attacks on ships linked to India - chiefly in the Strait of Hormuz, a maritime chokepoint that has become a US-Iran battleground - PM Modi linked global trade progress to the security of sea lanes, supply routes, and 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," he said.
PM Modi also dwelled on the grouping's growing economic might, saying the combined GDP of BRICS nations grew twice as fast as the global GDP.
"Today, BRICS nations represent 50% of the world's population, 40% of its GDP, and over 25% 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 said.
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He said 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. 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.
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The Prime Minister also stressed India's commitment to removing trade barriers, saying New Delhi has so far entered into free trade agreements with 40 countries.
"Our approach remains focused on reducing barriers and expanding opportunities for businesses. That is why, under our BRICS presidency, we have established new cooperation networks in sectors such as agriculture, health, skills, and smart grids. To connect startups and MSMEs with markets and finance, we have launched initiatives like the BRICS Incubator Network, the BRICS MSME Portal, and the BRICS Startup Innovation Fund. You can all leverage these cooperation frameworks to enhance the exchange of investment and talent among our nations," he said.
Iranian President Masoud Pezeshkian, whose country has been fighting a protracted war with the United States, emphasised the impact of "geopolitical uncertainty" and "supply chain" disruptions on the global economy.
"The world today is going through one of its most complex periods. 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 cooperation," he said.
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Russian President Vladimir Putin highlighted the "profound shifts" the world has been experiencing.
"Right now the world is undergoing structural, deep, profound shifts... The so-called old leaders, which used to be the vanguard of economic growth, are being replaced by new engines of growth," he said.
PM Modi held separate bilateral meetings with Putin and Pezeshkian on the sidelines of the 18th BRICS Summit, which India is hosting in New Delhi.PM Modi and Putin spoke about the war in the Middle East and the conflicts in Black Sea region.
The PM told his Russian counterpart that dialogue and diplomacy are the only way forward in resolving conflicts.