New Delhi, 11 September (H.S.): Iranian President Masoud Pezeshkian stressed the need to transform economic cooperation among BRICS countries from mere potential into concrete networks of trade, investment and joint financing. He said that amid growing geopolitical uncertainty, disruptions to supply chains and the increasing use of economic pressure, the real strength of BRICS lies in translating its collective economic potential into practical cooperation.

Addressing the BRICS Business Forum, Pezeshkian thanked the Government and people of India for hosting the meeting. He also praised Prime Minister Narendra Modi’s efforts to strengthen cooperation among BRICS countries.

He said the participation of the private sector, business institutions and entrepreneurs could translate BRICS cooperation into tangible economic outcomes. According to him, the strength of BRICS lies not merely in the size of the economies of its member countries, but in linking these capabilities through trade, investment and joint financing.

Brazilian Foreign Minister Mauro Vieira said the share of Global South economies in the world economy has steadily increased over the past several decades. At a time of rising protectionism, economic pressure and unilateral sanctions, he said, cooperation among production sectors has become increasingly important. He noted that in the 1960s, low- and middle-income countries accounted for around 20 per cent of global GDP, whereas their share has now risen to more than 50 per cent. BRICS countries today account for around 40 per cent of global economic output.

At the forum, Union Minister Piyush Goyal underlined the need for stronger intra-BRICS trade and more resilient supply chains. He said merchandise exports from BRICS countries to the world stood at around $900 billion in 2003 and had risen to approximately $6 trillion by 2024. Their share of global exports has also increased from around 12 per cent to nearly 24 per cent.

Goyal said more than 2,000 business leaders and representatives participated in the forum. Discussions covered non-tariff barriers, agriculture, services, women-led enterprises and the digital economy. The BRICS Business Council has also prepared its annual report containing more than 44 recommendations.

It may be recalled that Prime Minister Narendra Modi, Russian President Vladimir Putin, Iranian President Masoud Pezeshkian and South African President Cyril Ramaphosa, among other BRICS leaders, were present at the forum.

During the BRICS Business Forum 2026, Prime Minister Modi, President Putin, Iranian President Masoud Pezeshkian and South African President Cyril Ramaphosa, along with other BRICS leaders, posed for a group photograph.

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Hindusthan Samachar / Jun Sarkar