BRICS must remove top 10 trade barriers, secure sea routes for seamless trade, says PM Modi  

Prime Minister Narendra Modi on Friday urged BRICS members to identify and remove their top 10 trade barriers, saying India was building “economic bridges” as trade barriers increase globally. Speaking at the BRICS Business Forum in New Delhi, Modi also highlighted India’s growth, startups, artificial intelligence and digital payments amid global uncertainties.

Modi said India’s approach to BRICS was focused on creating greater opportunities as the grouping entered its third decade.

“As trade barriers increase the world over, India is building economic bridges,” Modi said.

“India's approach in BRICS is simple, too, to build more opportunities,” he added.

He urged the BRICS Council to identify the biggest obstacles to trade among member countries and prepare a report on their removal.

“BRICS is entering its 3rd decade, and I urge the council to make a report on removing the top ten trade barriers amongst the member nations,” he said.

Modi also underlined the importance of secure maritime routes and the safety of seafarers for uninterrupted global commerce.

“Secured sea lines, safe seafarers important for safe, seamless trade,” Modi said.

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India positions itself as growth, solutions hub

Modi said India was emerging as a centre for development and a global solutions hub, pointing to the country’s startups, artificial intelligence and digital payments.

“India today is a paramount example of stability and growth,” Modi said.

“India is becoming the global's centre for development,” he added.

“India is also turning into a global solutions' hub,” Modi said.

“Our startups and AI are enhancing the industries of healthcare and education,” he said.

Modi also highlighted the role of the Unified Payments Interface in expanding digital transactions and financial inclusion.

“India's UPI has, on a population scale, given digital transaction and financial inclusion new heights,” he said.

“Amid global uncertainties, India is a source of confidence for growth, stability,” Modi said.

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Modi-Putin talks focus on trade, maritime security

Modi’s remarks came hours after he met Russian President Vladimir Putin, who arrived in New Delhi for the BRICS summit.

The more than 45-minute meeting focused on India-Russia trade and investment ties, with both sides agreeing to work towards increasing annual bilateral trade to $100 billion by 2030 from the current $65 billion, according to the Indian readout.

The two leaders also discussed cooperation in defence, critical minerals, civil nuclear energy and fertiliser supplies, as well as people-to-people exchanges.

They discussed regional and global issues, including conflicts in West Asia and the Black Sea region, which have affected maritime trade and the safety and security of Indian seafarers, according to the Ministry of External Affairs.

“The prime minister once again reiterated that dialogue and diplomacy was the way forward in resolving conflicts and India stood ready to assist in peace efforts,” the MEA said.

Putin invited Modi to Russia for the 24th India-Russia Annual Summit, which the prime minister accepted. The dates will be decided through diplomatic channels.

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BRICS marks two decades

Modi said BRICS was marking 20 years since its inception in 2006 and highlighted its growing economic and demographic weight.

“This year, we are celebrating 20 years since the inception of BRICS in 2006,” he said.

BRICS nations represent 50% of the world’s population, 40% of combined GDP and 25% of global trade, Modi said.

“BRICS' increasing scale and optimism is clearly evident amongst us; this marks the biggest BRICS business forum convened in the bloc's history,” Modi said.