Global trade can advance only if navigation in international waters is free and seafarers are safe, Prime Minister Narendra Modi said on Friday. The statement comes in the wake of the prolonged –and often severe — disruptions in the Strait of Hormuz amid the US-Iran conflict, and the escalation it caused to global energy prices.
Addressing the Business Forum ahead of the 18th BRICS Summit in New Delhi, Modi called for the 11-country grouping to turn its growing economic weight into greater investment and expanded business ties. He urged the grouping to identify and remove its top 10 trade barriers, scale 100 BRICS startups into other member markets every year and build 1,000 new business partnerships annually.
Modi also highlighted India’s efforts to diversify supply chains and build capacity in strategic sectors such as shipbuilding, semiconductors, quantum technology, critical minerals and biotechnology. “Make in India, Innovate with India, and Scale for the World,” he said.
The Prime Minister’s remarks come at a time when conflicts in West Asia and the Black Sea have increasingly exposed merchant shipping and their crews to missile and drone attacks. At least 10 Indian seafarers died in the West Asia conflict, the government had informed Parliament in late July. Around five deaths of Indian seafarers have been reported in attacks on commercial vessels in the Black Sea region that falls under the shadow of Russia-Ukraine conflict. There has been reported loss of at least one India flagged vessel near Yemen.
The attacks and disruption of key shipping lanes around the world has disturbed global commerce.
Against this backdrop, Modi sought to position BRICS as a platform for strengthening economic resilience and reducing trade barriers. He said BRICS countries should work towards making their collective economic strength translate into greater trade, investment and business opportunities.
He said India’s startup ecosystem, with more than 200,000 startups and over 120 unicorns, could help BRICS countries develop and take innovations to global markets. He also highlighted the Unified Payments Interface (UPI), saying that around half of the world’s real-time payments take place using the technology.
Modi said India had pursued economic bridges at a time when trade barriers were rising globally, and called for greater investment and talent flows within BRICS. He also highlighted new cooperation networks in agriculture, healthcare, skills and smart grids, along with the BRICS incubator network, MSME portal and Startup Innovation Fund.