2 hrs ago

Modi Urges BRICS to Expand Trade, Investment and Business Ties

Prime Minister Narendra Modi asked BRICS countries to work more closely on business and trade.

He said the group has become economically very important.

Modi suggested removing 10 major trade barriers between member countries.

He also proposed helping 100 startups enter other BRICS markets each year.

Another goal is to create 1,000 new business partnerships annually.

He said ships need safe ocean routes and seafarers need protection for trade to continue.

Modi presented India as a place for manufacturing, technology and innovation.

He also invited BRICS countries to learn from India’s digital payment system and startup network.

Key facts

BRICS economic share: Members and partners account for around half of the world’s population, 40% of global GDP and more than a quarter of global trade.
Trade-barrier goal: Identify and remove the bloc’s top 10 trade barriers.
Startup goal: Help 100 BRICS startups expand into other member markets every year.
Partnership goal: Create 1,000 new business partnerships annually.
India’s startup ecosystem: India has more than 200,000 startups and over 120 unicorns, according to Modi.
Unified Payments Interface: Modi said UPI currently handles 50% of the world’s real-time payments.
Maritime priorities: Modi emphasized secure sea lanes, open supply routes and the safety of seafarers.

livemint.com · 2 hrs ago