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BRICS Business Forum Focuses on Trade and Economic Cooperation

At the BRICS Business Forum 2026, Union Commerce Minister Piyush Goyal and Prime Minister Modi highlighted the importance of trade barriers, local currencies, and economic collaboration among member states.

13 September 2026Tagblick Newsdesk

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BRICS Business Forum Focuses on Trade and Economic Cooperation — Photo: Itumeleng · Wikimedia Commons · CC BY-SA 4.0

The BRICS Business Forum 2026 commenced with a focus on enhancing economic cooperation among member states. Union Commerce Minister Piyush Goyal emphasized the need for BRICS nations to link their payment systems and promote trade in local currencies. He noted that cooperation among these countries could foster job creation and economic prosperity, representing a significant portion of the global population and GDP.

During the forum, Goyal reported that BRICS exports surged to $6 trillion in 2024, with the share of BRICS nations in global exports nearly doubling to around 24 percent. He called upon member states to streamline customs processes and facilitate services trade to enhance market access and strengthen business partnerships.

In a related address, Prime Minister Modi underlined the challenges posed by rising trade barriers globally. He reiterated India's commitment to building economic bridges through free trade agreements, noting that India has entered into such agreements with nearly 40 countries since 2014. Modi pointed out the disruptions to global trade over the past 18 months as a context for these initiatives.

Archive photo: BRICS Business Forum Focuses on Trade and Economic Cooperation — Archive photoPhoto: Unbekannt · Wikimedia Commons · Public domain

Both Goyal and Modi's statements were complemented by remarks from other leaders, including Russian President Vladimir Putin, who discussed shifting global economic power dynamics, and Iranian President Masoud Pezeshkian, who advocated for diversifying trade systems beyond the dominance of a few currencies.

The discussions at the BRICS forum highlighted the importance of dismantling trade barriers and fostering an environment conducive to economic cooperation. External Affairs Minister S. Jaishankar also emphasized the need for transparent trade and investment practices among member nations to boost business relations.

As part of the ongoing summit, the BRICS nations unanimously adopted the New Delhi Declaration 2026, which addresses various issues, including conflict prevention, multilateralism, and the need for reforms in global governance to increase representation from the Global South. The leaders reaffirmed their commitment to combating terrorism and maintaining peace in international relations.

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