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India urges BRICS to build resilient supply chains
The Hindu BusinessLine··11 Sept
External Affairs Minister S Jaishankar on Friday told the BRICS Business Forum in New Delhi that higher economic security means greater self-reliance for members. He cited geopolitical conflict, the West Asia crisis and shifting tariffs after US trade measures. Commerce Minister Piyush Goyal urged members to ease market access and diversify supply chains among partner economies.
Prism
What It Means For You
- Goyal urged BRICS partners to open markets to each other's products, including raw materials and critical minerals.
- He called for simpler regulatory procedures, faster clearances and easier movement of professionals across borders.
- He also pushed for linking payment systems and promoting trade in local currencies among members.
What's Happening
- Jaishankar told the inaugural session that resilience is a central challenge while economies stay linked to global markets.
- The forum is being held on the eve of the BRICS Summit in New Delhi.
- Russian Economic Development Minister Maxim Reshetnikov said friendly partners now account for about 85 percent of Russia's trade.
What The Business Forum Heard
- BRICS members listed include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the UAE, Saudi Arabia and Indonesia.
- Jaishankar pointed to digital public infrastructure, artificial intelligence, fintech and advanced manufacturing as opportunity areas.
- Reshetnikov proposed a BRICS grain exchange as an independent mechanism for strategic commodities.
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