Modi calls for removal of 10 key BRICS trade barriers
NEW DELHI: Indian Prime Minister Narendra Modi has urged BRICS member countries to remove 10 major trade barriers as India seeks to position itself as a bridge between the bloc and the global economy.
Indian Prime Minister Narendra Modi has called on BRICS nations to eliminate 10 key trade barriers during the BRICS Business Forum. Modi urged the BRICS Business Council to prepare a report outlining steps to remove these obstacles as the bloc enters its 20th year. He proposed supporting 100 BRICS startups annually to expand into other markets and developing 1,000 new business partnerships.
Modi highlighted India's signing of Free Trade Agreements (FTAs) with nearly 40 countries since 2014 and the establishment of new cooperation networks in various sectors under India's BRICS chairmanship. These include the BRICS Incubator Network, the BRICS MSME Portal, and the BRICS Startup Innovation Fund to connect startups and SMEs with global markets and financing.
Modi emphasized India's growing startup ecosystem, with over 200,000 startups and 120 unicorns, and its potential to bring world-class innovations to the global market through BRICS.
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