Can BRICS Be More Self-Reliant? Jaishankar Says Economic Security Is Key

As India hosts the BRICS Summit, External Affairs Minister S Jaishankar said greater economic activity and economic security within the grouping would translate into greater self-reliance, underlining the need for stronger business ties, diversified commercial relationships and resilient supply networks.

Addressing the BRICS Business Forum, Jaishankar said the focus must be on making it easier for businesses across member countries to find partners, access markets, connect supply networks and convert economic complementarities into viable commercial partnerships.

“The common thread is how to make it easier for businesses in our countries to find more partners, access more markets, connect supply networks and convert complementarities into viable commercial partnerships. For BRICS particularly, higher economic activity and higher economic security mean greater self-reliance,” Jaishankar said.

He added that the objective was to strengthen the grouping’s ability to absorb shocks while remaining connected and competitive.

How can BRICS achieve greater economic self-reliance?

Jaishankar said stronger economic engagement among BRICS countries could help member nations build greater resilience in an increasingly uncertain global environment.

For the grouping, greater economic activity must be accompanied by stronger economic security, enabling member countries to withstand disruptions while maintaining competitiveness and connectivity, he said.

The minister stressed that closer cooperation between businesses could unlock new opportunities by expanding market access, strengthening commercial partnerships and connecting supply networks across BRICS countries.

What does BRICS need to strengthen economic security?

According to Jaishankar, greater economic security would require genuine market practices, dependable logistics and a predictable business environment.

He also emphasised the importance of diversified commercial relationships and transparent trade and investment. Building resilient supply networks, he said, would be crucial as countries navigate economic disruptions and changing global conditions.

Jaishankar further highlighted the need for energy systems capable of coping with disruptions, while ensuring that transition pathways are suited to the different national circumstances of individual countries.

What is the BRICS Business Forum?

The BRICS Business Forum is the grouping’s principal platform for private-sector engagement. It brings together business leaders, government ministers and heads of state to discuss issues shaping the economic agenda of BRICS, including trade, investment, finance, technology and sustainable development.

The forum also provides an opportunity to present the recommendations developed by the BRICS Business Council to policymakers. Its outcomes often contribute to discussions at the BRICS Summit and inform future initiatives related to intra-BRICS trade and investment, the digital economy, MSMEs, standards cooperation and value chain integration.

What is on the agenda for the BRICS Summit?

The BRICS gathering in New Delhi comes as India seeks to strengthen cooperation across trade, digital technology, finance, energy security and global governance reform under its chairship of the grouping.

The leaders’ programme is scheduled for September 12 and 13, with discussions expected on resilient global supply chains, cross-border payment integration, digital trade, artificial intelligence and MSME development.

Energy security, climate resilience, development finance and the expansion of the New Development Bank are also expected to feature prominently, alongside discussions on reforming multilateral financial and political institutions.

As the BRICS Summit gets underway in New Delhi, strengthening economic resilience, deepening commercial partnerships and building more secure supply networks are expected to remain central to the grouping’s agenda.

(With inputs from ANI)