As trade barriers rise globally, India builds economic bridges:PM Modi

Prime Minister Narendra Modi said India is building economic bridges as trade barriers rise globally, highlighting the country’s growing network of free trade agreements and its push for stronger economic cooperation within BRICS.

Addressing the Leaders’ Session of the BRICS Business Forum, Modi said BRICS nations now account for 50 per cent of the world’s population, 40 per cent of global GDP and more than 25 per cent of global trade.

He said global GDP has grown around 2.5 times, while the combined GDP of BRICS nations has expanded nearly 4.5 times.

“In other words, the economic strength of BRICS has grown at nearly twice the pace of the rest of the world,” Modi said.

Modi said India has entered into free trade agreements with nearly 40 countries since 2014.

“Today, while trade barriers are rising globally, India is building economic bridges,” he said.

The Prime Minister also stressed the importance of secure global trade routes, saying progress in global trade is possible only when sea lanes are secure, supply routes remain open and seafarers are safe.

“That is why India is a staunch supporter of freedom of navigation and the safety of seafarers,” Modi said.

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Highlighting the role of women in the BRICS economy, Modi said the BRICS Women’s Business Alliance is a key part of India’s vision.

“We want women entrepreneurs to lead our growth story,” he said, adding that around 200 women business leaders participated in the alliance’s meeting held in India.

Modi said BRICS nations are emerging as key hubs for global innovation and solutions, with India’s BRICS presidency establishing cooperation networks in areas including agriculture, health, skills and smart grids.

India has also promoted initiatives such as the BRICS Incubator Network, BRICS MSME Portal and BRICS Startup Innovation Fund to connect startups and MSMEs with markets, finance and talent.

The Prime Minister said the growing scale, speed and optimism of BRICS were clearly evident, as the grouping has expanded from four founding members in 2006 to a family of 21 member and partner countries.