PM Modi will fellow Brics leaders in New DelhiNEW DELHI: Noting that the Brics grouping now represents 50% of the global population, 40% of GDP, and 25% of trade, PM Narendra Modi said Friday that their collective economic might has grown at nearly double the global pace since the bloc was formed in 2006, and called upon member countries to reduce barriers to trade and increase opportunities for businesses. In his address at the Brics Business Forum, PM also underlined the need to keep trade flowing.

" Global trade can move forward only when sea lanes are secure, supply routes are open, and seafarers are safe. And, therefore, Bharat is a firm supporter of freedom of navigation and the safety of seafarers," Modi said, his remark coming against the backdrop of disruption of traffic through Strait of Hormuz and the growing threat through Bab al-Mandab Strait, another crucial artery for India.

His pitch for deeper engagement significantly contrasted the themes of 2 other key members: Russian President Vladimir Putin and Iranian President Masoud Pezeshkian. Putin, like PM, also invoked the growing economic heft of Brics members.

However, he and Pezeshkian, with their countries reeling from sanctions, were resentful of the West's continuing sway." The world is changing...

Over the past 5 years, as it has been said today - I think it was our Indonesian colleague who said it, the Brics countries accounted for over 40% of global GDP, while the contribution of Group of Seven, the so-called leading economies, although I don't understand why they are called 'leading', was just 29%," Putin said. PM Modi's ' Intra-Brics trade' call seen as aimed at US and ChinaAt a time when trade barriers are increasing, India is building economic bridges, PM Narendra Modi said, adding, “Our approach in Brics is also the same: to reduce barriers and increase opportunities for businesses.”

He has been averse to Brics being turned into an anti-West bloc and has resisted the push from China, Russia and Iran for de-dollarisation. 5 times.

Brics’s economic strength has grown at nearly double the pace of the world,” Modi said, pointing to the bloc comprising emerging markets and developing economies. “Can we support 100 Brics startups every year to scale in other Brics markets?

Can we develop 1,000 new partnerships among our businesses? On all these benchmarks, we have to review our progress every year.