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 20^th 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.

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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 20^th 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

Union Commerce Minister Piyush Goyal on Friday (September 11, 2026) urged the gathered BRICS members and partner countries to link their payment systems and conduct more trade in local currencies.  

Speaking at the inaugural session of the BRICS Business Forum 2026, Mr. Goyal highlighted that BRICS cooperation would create jobs, wealth and prosperity for countries that represent half of mankind and 40% of the global gross domestic product (GDP).

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“BRICS today represents almost one-fourth of global trade, and India is an important pillar of intra-BRICS trade,” Mr. Goyal said. “Engineering goods and electronics account for the largest segment of India’s manufactured exports. India is also known as the pharmacy of the world.”

Minister of External Affairs S. Jaishankar, also speaking at the event, said that higher economic security means greater self-reliance while also remaining inter-connected. 

“The objective is to strengthen our ability to absorb shocks while remaining connected and competitive,” Mr. Jaishankar said. “That calls for genuine market practices, predictable business environment, diversified commercial relationships, and transparent trade and industry. 

“It also calls for energy systems capable of coping with disruption and transition pathways, which are suited to different national circumstances,” he added.

Local currency and stable trade

Without naming any one particular currency or nation, Mr. Goyal spoke about enhancing local currency trade and also how trade should at no point become an impediment to growth.  

“We believe trade among partners should be deep, resilient, with diversified supply chains, and ensuring that at no point of time does trade become an impediment to growth and the wellbeing of the people of each member state,” he said.

“I would urge the BRICS member countries and partner countries to link our payment systems, trade in each other’s local currencies, make digital trade global and build together for the future,” Mr. Goyal added. 

The Commerce Minister also urged the gathered BRICS leaders to open their markets to each other’s products, including raw materials and critical minerals, and to work together to simplify regulatory procedures and facilitate faster clearance of consignments.

Areas of BRICS collaboration 

Minister of State for Commerce and Industry Jitin Prasada, also speaking at the session, pitched for greater collaboration in the areas of digital services, artificial intelligence, semiconductors, among other technology-oriented sectors. 

“The other issue that I would like to highlight is about data centres, which have become so critical and will be more important in our lives to come,” Mr. Prasada said. “Each country has to ensure the availability of green power and the best practices to ensure that our technologies and our economy remain within our own boundaries, as far as data goes with regard to this technology of artificial intelligence and hyperscale data centres.”

The Russian Minister of Economic Development, Maxim Reshetnikov, spoke of another area where the BRICS countries could collaborate — a BRICS grain exchange.  

“BRICS countries are among the world’s leading producers and consumers, but we still rely on price benchmarks that reflect the interests of entirely different markets,” Mr. Reshetnikov said. “We urgently need an independent mechanism for strategic agricultural commodities.” 

“Russia prepared a detailed plan to establish the BRICS grain exchange,” he added. “It’s a unified trading platform where producers, traders and buyers can conclude transactions directly. We call upon partner feedback at the public and private level.” 

He also called for greater BRICS cooperation in the area of Special Economic Zones, saying that while each member country has used them to great effect individually, now was the time to work together to create such joint economic zones. 

Published – September 11, 2026 01:02 pm IST