The business reset Jaishankar wants for BRICS

External Affairs Minister S Jaishankar urged for a more stable business environment, robust supply chains and varied trade links among BRICS nations during the BRICS Business Forum. He emphasized that the economic power of BRICS would increasingly rely on its capacity to absorb global disruptions while staying connected and competitive.

Jaishankar noted that the forum was convening amidst significant geopolitical and economic turbulence, with conflicts, pandemics, and climate-related crises reshaping economies, while digital advancements and technology present new growth opportunities.

He argued that the BRICS business community should focus not only on finding commercial prospects but also on creating a more resilient framework for cross-border trade. Supply-chain connectivity, trade facilitation, services, agriculture, agri-technology, digital delivery, small and medium enterprises, startups, and women-led enterprises were identified as key areas of focus.

Jaishankar stressed that the goal should be to connect businesses with more partners, expand market access, integrate supply networks, and transform economic complementarities into profitable partnerships.

Jaishankar linked enhanced economic ties within BRICS to improved economic security and self-reliance, cautioning against isolationism. He emphasized that bolstering resilience would necessitate genuine market practices, dependable logistics, a predictable business environment, diversified commercial relationships, and transparent trade and investment.

Additionally, he highlighted the critical role of energy systems in withstanding disruptions and transitions, acknowledging that each nation would pursue different trajectories based on its unique circumstances.

Addressing the intersection of technology, economics, and geopolitics, Jaishankar pointed to digital public infrastructure, artificial intelligence, fintech, and advanced manufacturing as promising areas, while also acknowledging the challenges these innovations raise regarding access, standards, security, and trust. He underlined India's chairmanship of BRICS aimed at fortifying the group's innovation and entrepreneurial ecosystem through initiatives like the BRICS incubator network and the BRICS Startup Innovation Fund.

India's robust market, expanding manufacturing capacity, talent pool, digital prowess, and entrepreneurial culture, Jaishankar noted, position it well to contribute to this mission. As BRICS leaders prepare for upcoming meetings, Jaishankar urged businesses to concentrate on tangible outcomes — identifying opportunities, addressing challenges, and outlining what governments can do to facilitate these goals.

He concluded by emphasizing that the strength of BRICS would be gauged not just by the scope of its agenda but by the partnerships it fosters, the opportunities it generates, and the results it delivers.