The BRICS Business Forum got underway in New Delhi on Friday, bringing together government ministers, business leaders, financial institutions and startups from across the 11-member bloc a day ahead of the formal opening of the 18th BRICS Leaders’ Summit. The gathering, held at Bharat Mandapam, set the economic tone for this weekend’s summit, with discussions centred on building more resilient trade and supply chain networks amid mounting geopolitical uncertainty.
What Happened At The Opening Ceremony?
The forum opened with remarks from senior Indian officials and business figures, framing this year’s economic agenda around the same four priorities guiding India’s broader BRICS chairship.
Discussions through the day ranged across trade and supply chains, agriculture and food security, services, women-led enterprises, and digital technology and innovation, according to organisers, with the forum designed to feed directly into the outcomes expected from Saturday and Sunday’s leaders’ summit.
Who Spoke At The Business Forum?
India’s External Affairs Minister, S Jaishankar, Commerce and Industry Minister Piyush Goyal, and Commerce Secretary Rajesh Agrawal were among the senior officials addressing delegates, alongside BRICS Business Council Chair Jai Shroff, who opened proceedings by tying the bloc’s economic priorities directly to its political ones.
Shroff told the gathering that India’s BRICS chairmanship under Prime Minister Narendra Modi had been built around resilience, innovation, cooperation and sustainability, adding that these are important priorities for the government, but equally relevant for business.
Jaishankar, addressing the opening ceremony, called for stronger supply chains and reduced dependence on shocks, telling delegates that the objective is to strengthen our ability to absorb shocks while remaining connected and competitive.
Goyal separately pressed for greater economic integration among BRICS members, urging countries within the bloc to open their markets further and remove non-tariff barriers to trade.
What Issues Are Being Discussed?
Beyond the opening remarks, the forum’s working sessions are focused on practical areas of economic cooperation, including cross-border payment integration, greater use of national currencies in trade settlements, and the development of small and medium-sized enterprises across member economies.
Delegates are also expected to address digital trade and artificial intelligence, energy security, climate resilience and development finance, alongside proposals to expand the mandate of the BRICS-backed New Development Bank.
Reform of multilateral financial and political institutions, a recurring theme of India’s chairship, is also expected to feature prominently in the forum’s recommendations.
Why Do These Priorities Matter For BRICS?
The forum’s focus reflects the scale of the grouping since its most recent expansion, which brought the bloc’s full membership to 11 countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates, together accounting for close to half the world’s population and a substantial share of global GDP and trade.
With supply chains still adjusting to recent geopolitical shocks, officials at the forum framed economic resilience not as an abstract policy goal but as a practical necessity for businesses operating across such a large and diverse grouping of economies.
How Will This Feed Into The Leaders’ Summit?
Organisers said the forum’s conclusions, together with recommendations from the BRICS Business Council, typically inform the declarations issued at the end of the leaders’ summit, as well as subsequent work programmes covering intra-BRICS trade, investment, the digital economy, MSMEs, standards cooperation and value chain integration.
With the main leaders’ programme opening on Saturday, Friday’s business discussions are expected to shape how heads of state and government approach the economic elements of the summit, even as attention over the coming two days is also likely to be dominated by the geopolitical crises in Ukraine and the Middle East.
