India Building Economic Bridges Amid Rising Trade Barriers: PM Modi At BRICS Business Forum

India is building economic bridges between various countries amid rising trade barriers and global uncertainties, said Prime Minister Narendra Modi at the BRICS Business Forum on Friday.

"Today, while trade barriers are rising globally, India is building economic bridges," PM Modi said at the forum also attended by Russian President Vladimir Putin and Iran's President Masoud Pezeshkian in New Delhi.

"Since 2014, we have entered into free trade agreements with nearly 40 countries," he added.

PM Modi said that India's approach remains focused on reducing barriers and expanding opportunities for businesses. "That is why, under our BRICS presidency, we have established new cooperation networks in sectors such as agriculture, health, skills, and smart grids," he said.

"To connect startups and MSMEs with markets and finance, we have launched initiatives like the BRICS Incubator Network, the BRICS MSME Portal, and the BRICS Startup Innovation Fund. You can all leverage these cooperation frameworks to enhance the exchange of investment and talent among our nations," the PM remarked.

Secure Sea Routes Are Important: Modi

PM Modi also called for secure sea trade as the ongoing geopolitical tensions have posed a threat to seafarers.

"Global trade can only progress if sea lanes are secure, supply routes remain open, and seafarers are safe. Therefore, India is a staunch supporter of freedom of navigation and the safety of seafarers," he said.

The PM's remarks come amid ongoing US-Iran and Russia-Ukraine conflicts that have disrupted the supply of energy and affected global trade routes and supply chains.

During the US-Iran war, India's ships have faced attacks and Indian seafarers have also been abducted by pirates, as per PTI.

'Make In India, Scale For World'

Modi also called on the bloc to identify and remove its top 10 trade barriers, "scale 100 BRICS startups" into other member markets every year and "build 1,000 new business partnerships" annually.

PM Modi also urged the BRICS nations to "Make in India, Innovate with India, and Scale for the World", saying that India could be a manufacturing hub and the centre of technology and innovation for global markets.

He also said that the BRICS forum could help take the innovations by India's more than 200,000 startups and over 120 unicorns to global markets.