Brics must turn economic potential into business results, Jaishankar says

External Affairs Minister S Jaishankar on Friday said Brics needs to turn its growing economic weight into real opportunities for businesses, with easier trade, stronger supply chains and better access to markets.

Speaking at the Brics Business Forum in New Delhi, Jaishankar said businesses should be at the centre of the grouping’s next phase of economic cooperation.

“The strength of the Brics will be measured not only by the breadth of its agenda,” he said. “It will also be measured by the partnerships that it enables, by the opportunities that it creates and by the results it delivers.”

The message comes at a time when businesses around the world are dealing with disruptions caused by conflicts, pandemics, climate events and changes in global trade.

Jaishankar said Brics economies need to become better at absorbing such shocks without losing their links with global markets.

Easier trade, stronger supply chains

Jaishankar said supply chains and trade facilitation should be among the main priorities for Brics.

The aim is to make it easier for a company in one Brics country to find a business partner in another country, sell its products there and build reliable supply links.

He also pointed to services, agriculture and agritech, digital services, MSMEs, startups and women-led businesses as areas where cooperation can grow.

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The minister said stronger economic ties could also improve the grouping’s ability to deal with future disruptions.

But greater self-reliance should not mean shutting economies off from the rest of the world, he said.

“For Brics particularly, higher economic activity, higher economic security means greater self-reliance,” Jaishankar said.

He said this would require reliable logistics, transparent trade and investment rules, diversified business relationships and a predictable environment for companies.

That means businesses should be able to plan investments and trade without facing sudden or unclear changes in rules, while goods should be able to move across borders more reliably.

Jaishankar also said Brics countries need energy systems that can withstand disruptions while allowing each country to follow its own path towards cleaner energy.

AI, fintech and manufacturing

Technology was another major part of Jaishankar’s message.

He said digital public infrastructure, artificial intelligence, fintech and advanced manufacturing could create new opportunities for businesses across Brics.

But technology also brings questions about who can access it, what standards should apply and how countries can address issues of security and trust.

India’s Brics chairship has therefore focused on strengthening links between startups and innovation ecosystems in member countries.

Jaishankar highlighted the Brics incubator network, which connects startups and incubators, as well as the Brics Startup Innovation Fund aimed at supporting innovation-led businesses.

He said India was well placed to contribute because of its large market, expanding manufacturing base, talent pool and experience with digital technology.

What should Brics deliver?

Jaishankar said the Brics Business Council and Brics Women’s Business Forum can help bring the views of companies and entrepreneurs into the grouping’s decision-making process.

Business participation in Brics has expanded since the first business forum was held in 2010, he said. The forum now covers a wider range of companies and sectors.

But he urged business leaders to keep the discussion practical.

“Where do you see the opportunities? Where do businesses encounter the challenges? And what can governments do to address them?” he asked.

For India, the focus is on making Brics cooperation more useful for companies rather than limiting it to broad policy discussions.

That could mean more opportunities for Indian manufacturers, services companies, startups and smaller businesses to find customers, suppliers and investment partners across Brics markets.

Jaishankar said the test for the grouping would ultimately be whether its discussions lead to new partnerships, new opportunities and measurable economic results.