3 hrs ago
BRICS Forum Focuses on Secure Sea Lanes and Local Currencies
Leaders and business representatives met at a BRICS Business Forum in New Delhi.
Prime Minister Narendra Modi said India is growing even though many parts of the world are unstable.
He said safe shipping routes and protected seafarers are important for trade.
Modi also said BRICS countries can work together on new ideas and technology.
He and Russian President Vladimir Putin discussed cooperation between India and Russia.
Putin suggested more BRICS projects in transport, technology, finance and investment.
He also supported using the New Development Bank for broader investment.
Iranian President Masoud Pezeshkian wanted BRICS countries to use their own currencies more often when trading with one another.
He also proposed stronger financing and insurance for large infrastructure and energy projects.
Prime Minister Narendra Modi said India is growing despite global instability and can provide confidence for growth and stability.
Modi called for secure sea lanes, seafarer safety, freedom of navigation and resilient supply chains to support global trade.
Modi and Russian President Vladimir Putin reviewed India-Russia cooperation in political, economic, defence, energy, space and other areas.
Putin proposed deeper BRICS cooperation on infrastructure, logistics, technology, artificial intelligence, finance and investment, including through the New Development Bank.
Iranian President Masoud Pezeshkian urged greater use of national currencies, stronger trade integration and a $10 billion BRICS reinsurance company.
- Who
- Prime Minister Narendra Modi, Russian President Vladimir Putin, Iranian President Masoud Pezeshkian, and BRICS business and government representatives.
- What
- The participants discussed economic growth, secure maritime trade, supply chains, India-Russia cooperation, BRICS investment and greater use of local currencies.
- Where
- New Delhi, India, at the BRICS Business Forum.
- When
- Friday; the articles do not provide a specific calendar date.
- Why
- The forum addressed economic cooperation and trade opportunities amid global instability, conflicts and disruptions to maritime trade and supply chains.
Key facts
- Forum host
- India hosted what Narendra Modi described as the largest BRICS Business Forum to date.
- BRICS population share
- Modi said BRICS countries account for about 50 percent of the world’s population.
- BRICS economic share
- Modi said BRICS countries represent about 40 percent of global GDP and more than 25 percent of global trade.
- India-Russia cooperation
- Narendra Modi and Vladimir Putin reviewed political, economic, defence, energy, space, skill mobility and people-to-people cooperation.
- Trade priorities
- Modi emphasized freedom of navigation, seafarer safety and resilient supply chains.
- Proposed investment mechanism
- Putin said the New Development Bank could provide the basis for a broader BRICS investment mechanism that mobilizes private-sector funding.
- Iranian proposal
- Masoud Pezeshkian proposed a BRICS joint reinsurance company with initial capital of $10 billion for major infrastructure and energy projects.
Quotes
Masoud Pezeshkian
President of Iran addressing BRICS economic cooperation
“Dynamic domestic markets in BRICS countries underpin the group’s success. BRICS countries, home to about half the world’s population, have vast, dynamic domestic markets. Cities in our countries are developing rapidly and growing, urbanization is proceeding swiftly, and national companies are increasingly making their mark as global players”
deccanchronicle.com
“India is growing when the world is going through instability. India today offers a source of confidence for growth and stability”
deccanchronicle.com
deccanchronicle.com
Sources
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