New Delhi, September 12 (Daily Kiran) : The BRICS summit kicked off in New Delhi, bringing together various experts and international representatives to discuss the global economy, investment, trade, and multilateral cooperation. Analysts emphasized that the economic capabilities of BRICS nations could significantly influence the world economic landscape in the coming years. They also stressed the importance of fair global trade, investment in developing countries, and strengthening multilateral collaboration.
Ajay Dua, former Secretary of the Ministry of Commerce and Industry, supported Prime Minister Narendra Modi’s remarks on the economic progress of BRICS countries. Dua noted that the global economy has seen an average growth rate of about 3.5% annually over the past decade, while BRICS nations, particularly India, have outpaced this figure. He highlighted that China’s growth rate of around 5.5% to 6% also impacts the global economic scene significantly, positioning BRICS countries as key drivers of global development.
Lakshmi Narayanan, Chairman of SWFI and Co-Chair of iBRICS 2026, pointed out that the collective economy of BRICS nations is approximately $33 trillion, representing about 27% of the global GDP. When adjusted for purchasing power parity, the combined economy of BRICS and its allied nations reaches nearly $82 trillion, dwarfing the G20’s $62 trillion. This data indicates a gradual shift in global economic balance towards emerging economies.
He further noted that trade and commerce have become paramount for BRICS countries in the current global environment. The summit aims to boost intra-BRICS trade, especially in light of the challenges faced by member nations.
The iBRICS initiative aims to attract $1 trillion in investment into BRICS economies, which could enhance infrastructure, industry, technology, and economic activities in developing regions, thereby solidifying the collective economic strength of these nations.
Meanwhile, UN Secretary-General spokesperson Stéphane Dujarric emphasized the growing importance of multilateralism in today’s world. He stated that positive agreements and cooperation among various regional groups and countries are the most effective ways to reduce global tensions.
Dujarric highlighted that BRICS represents a significant portion of the world’s population and economic output, making its responsibilities crucial. He noted that BRICS nations have a substantial opportunity to promote global stability, economic cooperation, and shared development.
He also stressed the necessity for reforms in international financial institutions to safeguard the interests of the Global South. Dujarric advocated for a more balanced and inclusive global economic system to ensure that benefits are not concentrated among a select few.
He concluded by calling for a fairer global trading system that amplifies the voices of developing nations. With balanced reforms in international financial and trade frameworks, developing economies can contribute more effectively to global growth.
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