New Delhi [India], September 11 (ANI): Noting that the true strength of BRICS is not confined merely to the size of its members' economics but becomes more apparent when these capacities are transformed into a network of trade, investment and joint financing, Iranian President Masoud Pezeshkian on Friday called for “a transition from potential cooperation to operational one".
Speaking at the Leaders' Session of BRICS Business Forum, Masoud Pezeshkian said the world today is going through one of its most complex periods and disruption in supply chains and the increasing use of economic instruments to exert political pressure have made economic environment more complex.
"The world today is going through one of its most complex periods. Geopolitical uncertainty, disruption in its supply chains and the increasing use of economic instruments to exert political pressure have made economic environment in which countries operate more complex. The question is, what is BRICS response to these challenges?” he said.
“We believe that the true strength of BRICS is not confined merely to the size of its members' economics rather it becomes more apparant when these capacities are transformed into a network of trade, investment and joint financing - a transition from potential cooperation to operational one,” he added.
The BRICS Business Forum meeting was held a day before the formal opening of the BRICS Summit in New Delhi.
Brazilian Minister of Foreign Affairs Mauro Vieira said the BRICS meeting is taking place amid profound transformations in the global landscape underpinned by decades of consistent growth within the Global South.
“From the 1960s to our days, low and middle-income countries' share of the world's GDP rose from 20% to more than 50%. BRICS members today account for 40% of the world's economic output. With its recent expansion, BRICS has consolidated itself as a platform for connecting some of the world's most dynamic and prosperous economies,” he said.
“At a time when the global economy is threatened by protectionism, economic coercion and unilateral sanctions, bringing our productive sectors closer together is more relevant than ever," he added.
In his remarks at Leaders' Session of BRICS Business Forum, Union Minister for Commerce and Industry Piyush Goyal said the merchandise exports from BRICS countries to the world increased from about 900 billion dollars in 2003 to nearly 6 trillion dollars in 2024.
"The growing relevance of BRICS is reflected in our trade performance. Merchandise exports from BRICS countries to the world increased from about 900 billion dollars in 2003 to nearly 6 trillion dollars in 2024, raising our share of global exports from about 12% to now nearly 24%,” he said.
“This remarkable expansion demonstrates the scale of the BRICS market and our potential to deepen trade further in the years ahead. Our task is now to translate this momentum of growth into stronger inter-BRICS trade, more resilient supply chains and greater opportunities for our businesses," he added.
He said with over 2000 business leaders and delegates from member countries and partners gathered here today, this is the largest BRICS Business Forum ever held.
“The Forum has taken up issues such as non-tariff barriers, impacting global value chains, agriculture and agri-technology, services trade, women-led enterprises and the digital economy. The BRICS Business Council has completed its annual report with over 44 recommendations. The BRICS Women's Business Alliance met over the last 2 days and has set the path for a greater role for women-led businesses across BRICS countries."
He said under the visionary leadership of PM Narendra Modi, India remains committed to ensuring that this cooperation reaches those who form the backbone of our economies.
“It must benefit our farmers, empower our women in business and beyond and provide greater opportunities for wealth and prosperity to our young entrepreneurs and MSMEs," he said. (ANI)
“World going through one of most complex periods…what is BRICS response to the challenges”: Iran President Pezeshkian at BRICS Business Forum
