External Affairs Minister S Jaishankar speaks during the opening ceremony of the BRICS Business Forum 2026, in New Delhi, Friday, Sept. 11, 2026.
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India on Friday called for greater economic resilience, self-reliance, diversified supply chains and easier market access among BRICS countries amid heightened global uncertainty triggered by geopolitical conflicts, the West Asia crisis and a rapidly changing tariff landscape following US President Donald Trump’s trade measures.Addressing the inaugural session of the BRICS Business Forum in New Delhi, External Affairs Minister S Jaishankar said the global political and economic order was under stress, making resilience a central challenge for economies. “For BRICS particularly, higher economic activity, higher economic security means greater self-reliance,” he said.The BRICS Business Forum brings together businesses, entrepreneurs and industry representatives from member countries to identify commercial opportunities and address barriers to economic cooperation. The forum is being held on the eve of the BRICS Summit in New Delhi. BRICS members include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the UAE, Saudi Arabia and Indonesia.Jaishankar said the objective should be to strengthen the ability of BRICS economies to absorb shocks while remaining connected to the global economy. This, he said, required genuine market practices, dependable logistics, predictable business environments, diversified commercial access, and transparent regulation and investment.“It also calls for energy systems capable of coping with disruption and transition pathways which are suited to different national circumstances,” the Minister said.He also underlined the growing importance of technology in economic and geopolitical affairs. Digital public infrastructure, artificial intelligence, fintech and advanced manufacturing offered major opportunities, but also raised issues relating to access, standards, security and trust.Commerce and Industry Minister Piyush Goyal called for BRICS members and partner countries to make market access easier by addressing regulatory and non-tariff barriers and strengthening supply-chain resilience.“We believe trade amongst partners should be resilient with diversified supply chain and ensuring that at no point of time supply becomes an impediment to the growth and the well-being of the people of each member state,” Goyal said.He urged BRICS countries to open their markets to each other’s products, including raw materials and critical minerals, and to simplify regulatory procedures and facilitate faster clearances.“Let us open our services markets for each other in the real sense,” Goyal said, calling for easier movement of professionals and greater recognition of professional bodies across borders.He also pushed for greater digital and financial integration among BRICS economies, suggesting that member countries link their payment systems and promote trade in local currencies. India’s digital payment interface, he said, records over 250 billion transactions annually and is already accepted in 11 countries.Goyal said BRICS had significant capabilities across agriculture, pharmaceuticals, engineering, electronics, automobiles and auto components and services, creating scope for joint innovation, technology partnerships and resilient global value chains.Russian Economic Development Minister Maxim Reshetnikov said Russia was seeking greater foreign investment and highlighted the restructuring of its trade towards “friendly partners”, which now account for about 85 per cent of its total trade turnover.He proposed a BRICS grain exchange as an independent mechanism for strategic commodities and called for investment in the initiative by the public and private sectors.Jaishankar said the forum’s contribution should be practical, identifying business opportunities and challenges and what governments could do to address them. The strength of BRICS, he said, would ultimately be measured by the partnerships it enables, opportunities it creates and results it delivers.Published on September 11, 2026
