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External Affairs Minister S Jaishankar on Friday said greater economic activity and economic security within BRICS would contribute to greater self-reliance, while stressing the need to strengthen business ties, diversify commercial relationships and build resilient supply networks.
Addressing the BRICS Business Forum, Jaishankar said the common objective was to make it easier for businesses across member countries to find partners, access markets and connect supply networks. "The common thread is how to make it easier for businesses in our countries to find more partners, access more markets, connect supply networks and convert complementarities into viable commercial partnerships. For BRICS particularly, higher economic activity and higher economic security mean greater self-reliance. The objective is to strengthen our ability to absorb shocks while remaining connected and competitive," Jaishankar said. Jaishankar said achieving this objective would require genuine market practices, reliable logistics and a predictable business environment, along with diversified commercial relationships and transparent trade and investment. "That calls for genuine market practices, dependable logistics, a predictable business environment, diversified commercial relationships, and transparent trade and investment. It also calls for energy systems capable of coping with disruption and transition pathways that are suited to different national circumstances," he added. The BRICS Business Forum is the groupings principal platform for private-sector engagement, held each year in the country hosting the BRICS Summit, immediately ahead of the Leaders meeting. It brings together prominent business representatives, government Ministers and Heads of State to exchange views on issues such as trade, investment, finance, technology and sustainable economic development that influence the BRICS agenda. The forum contributes directly to shaping the groupings economic priorities. It provides an avenue for presenting the perspectives and recommendations developed by the BRICS Business Council and for bringing these proposals into discussions with policymakers. The Forums outcomes, along with the Councils recommendations, frequently inform BRICS Summit declarations and subsequent programmes of work, including initiatives aimed at expanding intra-BRICS trade, investment, digital economy, MSMEs, standards cooperation and value chain integration. The main programme of the BRICS Summit will begin on September 12, with leaders expected to discuss initiatives of India's presidency and prospects for further strengthening the BRICS strategic partnership. India's BRICS chairship has focused on strengthening international cooperation across trade, digital technology, finance, energy security and global governance reform. The September summit is expected to address resilient global supply chains, cross-border payment integration, greater use of national currencies, MSME development, digital trade and artificial intelligence. Energy security, climate resilience, development finance, expansion of the New Development Bank and reforms of multilateral financial and political institutions are also expected to feature prominently. (ANI)
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