Jaishankar Calls for Deeper Economic Cooperation Among BRICS Nations
External Affairs Minister S. Jaishankar has called for deeper economic cooperation among BRICS countries, emphasising the need for stronger trade ties, diversified commercial relationships and resilient supply chains. Addressing the BRICS Business Forum in New Delhi on September 11, he said the grouping should make it easier for businesses to find partners, enter new markets and connect with supply networks.
Jaishankar linked stronger economic cooperation with greater self-reliance and resilience. Rather than becoming disconnected from the global economy, BRICS countries, he said, should strengthen their ability to withstand economic shocks while remaining competitive and connected to international markets.
Resilient Supply Chains at the Centre
The disruptions witnessed in global trade in recent years have highlighted the importance of reliable supply chains. Geopolitical tensions, conflicts, changing trade policies and other disruptions can quickly affect the movement of energy, raw materials and manufactured goods.
Against this backdrop, Jaishankar stressed the importance of dependable logistics, diversified commercial relationships and a predictable business environment. Stronger connections between BRICS economies could help businesses access alternative markets and suppliers while reducing vulnerabilities caused by excessive dependence on particular trade routes or partners.
Trade and Investment Need Greater Transparency
Jaishankar also underlined the importance of transparent trade and investment practices. For businesses to expand across BRICS markets, they need greater predictability, efficient logistics and conditions that encourage long-term investment.
This focus is already reflected in India's BRICS economic agenda. At the BRICS Trade Ministers' Meeting in Jaipur in August, member countries backed work towards the BRICS Economic Partnership Strategy 2030 and discussed balanced trade, services and resilient global value chains. India also promoted measures aimed at improving access to finance for smaller businesses and strengthening their participation in international markets.
Digital Economy, Startups and Innovation
Economic cooperation within BRICS is also increasingly extending beyond traditional trade. Technology, startups, digitalisation and innovation are becoming important areas for collaboration as member countries seek new sources of growth.
India has proposed initiatives including a BRICS Incubator Network and a BRICS Startup Innovation Fund, aimed at connecting entrepreneurs, supporting innovation and encouraging greater cooperation between emerging businesses. These initiatives could provide new avenues for companies across member countries to access markets, investment and technology.
The BRICS Business Forum itself brings together government representatives, business leaders and entrepreneurs to discuss trade, investment, finance, technology and sustainable development. Its recommendations can contribute to the wider economic agenda of the grouping.
Cross-Border Payments and Financial Cooperation
Financial cooperation is another major area of discussion as BRICS expands its economic engagement. BRICS finance ministers and central bank governors have called for more efficient, affordable and secure cross-border payment systems. They have also advocated reforms in institutions such as the International Monetary Fund and World Bank to make global financial governance more representative of emerging economies.
For India, greater financial connectivity among BRICS economies could complement its growing digital economy and experience with digital payment infrastructure. Easier cross-border transactions could particularly benefit businesses and smaller enterprises involved in international trade.
An Expanding Economic Grouping
BRICS has grown substantially from its original membership and now includes 11 countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the UAE. According to India's Ministry of Information and Broadcasting, the grouping collectively accounts for about 49.5% of the world's population, 40% of global GDP and 26% of global trade.
This expanding economic footprint gives BRICS considerable potential to strengthen trade and investment among emerging economies. At the same time, the diversity of its members means that practical economic cooperation will be important for maintaining momentum despite differences in national priorities.
India’s BRICS Presidency
India is hosting the 18th BRICS Summit in New Delhi on September 12-13 under the theme “Building for Resilience, Innovation, Cooperation and Sustainability.” The theme reflects India's focus on economic resilience, technological development, cooperation and sustainable growth.
Jaishankar's remarks at the Business Forum underline the economic dimension of India's BRICS presidency. By placing greater emphasis on trade, supply chains, investment, technology and business connectivity, India is seeking to make cooperation within the grouping more practical and commercially meaningful.
The MGMM Outlook
Jaishankar’s emphasis on deeper economic cooperation highlights India’s push to make BRICS a more practical and commercially connected grouping. Stronger trade ties, diversified partnerships, resilient supply chains, transparent investment practices and improved cross-border payments can help member countries withstand global economic disruptions while remaining connected to international markets. India’s focus on startups, digital innovation and greater opportunities for smaller businesses further expands the scope of BRICS cooperation beyond traditional trade.
With BRICS now representing a significant share of the world’s population and economy, stronger economic integration can create wider opportunities for trade, investment, technology and entrepreneurship. As India hosts the 18th BRICS Summit, its focus on resilience, innovation, cooperation and sustainability reflects an effort to translate the grouping’s growing economic strength into practical partnerships and stronger business connectivity among member nations.
(Sources: IndiaTV News, Economic Times, News On AIR)
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