Prime Minister Narendra Modi on Friday (September 11, 2026) highlighted the issue of rising trade barriers and constrained sea trade routes, adding that India was building bridges among these constraints and was using its presidency of BRICS this year to establish new cooperation networks among the BRICS nations.
Also speaking at the BRICS Business Forum in New Delhi, Russian President Vladimir Putin spoke about how the leading powers of the late 20th century are being replaced by new emerging economies and that this competition was now taking “ugly forms” such as military attacks and threats of secondary sanctions.
BRICS Summit 2026, September 11, 2026 | LIVE updates
During his speech, Iranian President Masoud Pezeshkian highlighted the dangers of the global financial system being dependent on only a few countries and called for increased BRICS trade in local currencies. He also said that the attacks by the U.S. and Israel on his country showed how economic security could not be separated from national and regional security.
‘BRICS outpacing the world’
Mr. Modi took note of the fact that BRICS countries represent 50% of the world’s population, 40% of global GDP, and more than 25% of global trade.
“Not only that, over these years, while global GDP has increased by around two-and-a-half times, the combined GDP of BRICS countries has increased by around four-and-a-half times,” he said. “This means that the economic strength of BRICS has grown at nearly twice the pace of the world economy.”
Mr. Modi also spoke about how while trade barriers are increasing around the world, India is building economic bridges. “Since 2014, we have entered into free trade agreements with around 40 countries,” he said. “Here too, our approach is the same: reduce barriers and increase opportunities for businesses. Therefore, under our presidency [of BRICS in 2026], we have established new cooperation networks in areas such as agriculture, health, skills and smart grids.”
He added that India has taken additional initiatives such as the BRICS Incubator Network, BRICS MSME Portal, and Start-Up Innovation Fund to connect start-ups and MSMEs with markets and finance.
Global shifts and constraints
“Global trade can move forward only when sea lanes are secure, supply routes remain open and seafarers are safe,” Mr. Modi emphasised. “Therefore, India is a strong supporter of freedom of navigation and the safety of seafarers.”
World is undergoing profound shifts: Putin
Mr. Putin spoke about how the world is currently undergoing structural, deep, profound shifts.
“Which is explained by the fact that the so-called old leaders that used to be the vanguard of economic growth in the second half of the 20th century are being replaced by new engines of growth,” he said.
While acknowledging the fact that these countries still possess well-developed infrastructure, and technological and scientific advantages, Mr. Putin said it was in the nature of humanity and the economy to change.
He added that this change was accompanied by Russia’s “Western competitors doing everything to get back their erstwhile competitive edge”.
“And sometimes this competition is taking some ugly forms,” Mr. Putin noted. “Sometimes, there are measures resorted to of a physical nature, when pipelines are being destroyed, when attempts are undertaken to block international transport corridors, to seize maritime vessels, other illegal restrictions are being applied.”
“And there’s also the threat of so-called secondary sanctions against those who do not want to follow someone else’s interest and rather look after their own,” he added, without mentioning India or the U.S. threat to impose 100% tariffs on India as a penalty for its Russian oil imports.
Pezeshkian seeks BRICS response to ongoing global challenges
Mr. Pezeshkian also noted the “increasing use of economic instruments to exert political pressure” and asked the assembled leaders what the BRICS response would be to the ongoing global challenges.
“We believe that the truest strength of BRICS is not confined merely to the size of its members’ economies,” he said. “Rather, it becomes more apparent when these capacities are transformed into a network of trade, investment, and joint financing that is a transition from potential cooperation to operational.”
Mr. Pezeshkian talked about how the decades of sanctions Iran has faced has now entered a new phase as a result of the “active military act of aggression of the United States and the Israeli regime” against Iran.
“This act of aggression, in addition to his human and material losses, once again revealed an important reality: economic security cannot be separated from national and regional security,” he emphasised.
“Therefore, by creating resilient capacities for the economies of its members and the global south, BRICS must create an environment in which no country can disrupt the legitimate trade of another country through monopolising a financial instrument or technology,” Mr. Pezeshkian said.
He said that one of the most important steps the BRICS countries could take was to expand the use of national currencies in trade.
“Among the members, this step must be accompanied by the establishment of the necessary instruments for managing currency risks and reciprocal settlements, since the current financial system is vulnerable to political shocks due to its concentration on a limited number of currencies,” Mr. Pezeshkian said.
Published – September 11, 2026 07:39 pm IST
