40% of global GDP is here: PM Modi on Brics Summit
New Delhi - Prime Minister Narendra Modi highlighted during the Brics Business Forum that the Brics grouping now accounts for 40% of global GDP and 25% of trade, nearly double the global growth rate since its formation in 2006. At the event, Modi stressed the importance of reducing trade barriers and increasing opportunities for businesses.
He emphasized the need to keep trade flowing, as secure sea lanes, open supply routes, and safe seafarers are crucial for global trade. Modi further expressed support for freedom of navigation and the safety of seafarers, particularly considering the disruption in the Strait of Hormuz and the threat posed by the Bab al-Mandab Strait.
His call for deeper engagement differed from that of other key members, Putin and Pezeshkian, who were critical of Western influence. Modi's focus on intra-Brics trade was seen as a countermeasure against US and China's increasing trade barriers.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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