India building economic bridges amid rise in global trade barriers, says Modi, Pg9

Key Highlights:

• Prime Minister Narendra Modi highlighted India's role in building economic bridges amidst rising global trade barriers and constrained sea routes.
• India is using its BRICS presidency in 2026 to establish new cooperation networks among member nations.
• BRICS countries collectively represent 50% of the world’s population, 40% of global GDP, and over 25% of global trade.
• Russian President Vladimir Putin noted profound global shifts and "ugly forms" of competition, including military attacks and threats of secondary sanctions.
• Iranian President Masoud Pezeshkian advocated for increased BRICS trade in local currencies and emphasized the link between economic, national, and regional security.

Detailed Insights:

• India has entered into Free Trade Agreements (FTAs) with approximately 40 countries since 2014 to reduce barriers and increase business opportunities.
• Under its 2026 presidency, India has established new BRICS cooperation networks in agriculture, health, skills, and smart grids.
• Additional Indian initiatives include the BRICS Incubator Network, BRICS MSME Portal, and Start-Up Innovation Fund to connect startups and MSMEs with markets and finance.
• Prime Minister Modi stressed India's strong support for freedom of navigation and seafarer safety to ensure secure global trade routes.
• President Putin described current global shifts as a replacement of old economic leaders by new engines of growth, leading to intense competition.
• President Pezeshkian called for BRICS to create resilient capacities to prevent any country from disrupting legitimate trade through financial or technological monopolies.

Key Concepts Involved:

• BRICS: An acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa.
• Free Trade Agreements (FTAs): Pacts between two or more countries to reduce or eliminate barriers to trade, such as tariffs and quotas.
• Secondary Sanctions: Penalties imposed by one country on entities from a third country for doing business with a sanctioned country.