India’s private sector welcomes BRICS expansion – trade body

The inclusion of new members in the bloc has created a window of opportunity, business leaders from the country have told RT

The Indian business community welcomes the expansion of BRICS, as it will provide greater access to markets in Africa and the Middle East, business leaders told RT on the sidelines of the BRICS Business Forum in Moscow on Friday.

BRICS was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2010. This year, four more countries officially joined: Egypt, Iran, Ethiopia, and the United Arab Emirates.

“More opportunities are definitely emerging after the BRICS expansion. With Egypt and Ethiopia in the group, we now have better access to African markets. The potential for business partnerships has increased,” said Naveen Kapur, sherpa-chairman of the Indian chapter of the BRICS Business Council. 

According to Ankita Sachdev, joint director of the BRICS Chamber of Commerce and Industry, the expansion has been well-received by the Indian business community. “We were able to close many business deals for our Indian members. Following the announcement of new members joining BRICS, we opened offices in Dubai and Saudi Arabia, where there is significant interest in Indian companies,” she told RT in an interview.

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Kapur noted that India aims to build synergy with other BRICS nations. “We see manufacturing as the engine of growth because that’s where employment occurs. India has a large pool of resources and a demographic dividend with a substantial young population. By skilling them, we aim to enhance their employability and learn from the experiences of other BRICS countries,” he explained. 

He also mentioned India’s intent to leverage its vast IT sector while engaging within the BRICS framework. New Delhi seeks to offer its capabilities and expertise in building digital public infrastructure, according to a representative of ASSOCHAM, an Indian trade body. “We have significantly improved lives using digital technologies and would like to share our experience with other countries,” the representative said. 

Kapur added that promoting trade in local currencies and harmonizing standards are two major topics on the BRICS agenda, noting that actual proposals have been made by business circles and will be unveiled at the upcoming BRICS leaders’ summit in Kazan, Russia. 

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When asked about alternative mechanisms for financial transactions being developed by the group, Sachdev emphasized that in the current geopolitical climate – where major economies like Russia, Iran, and Venezuela face unilateral sanctions – businesses are exploring various avenues for continued trade and investment. However, she believes that a formal mechanism would be a more reliable option. “I feel this is a very welcome move; people are open to accepting it,” she noted.

Russian Finance Minister Anton Siluanov announced last week that the BRICS countries are working to create their own international payment system, as platforms operating under Western infrastructure are becoming increasingly politicized. The new cross-border payment infrastructure will utilize advanced technology in order to enable faster and cheaper foreign trade transactions free from external interference, he stated.

During his address at the forum on Friday, Russian President Vladimir Putin remarked that “the impact of external influence on BRICS members’ economic growth will diminish steadily.” He added, “Essentially, this is what economic sovereignty is all about: it represents a partnership between self-sufficient economies that expands their potential many times over and opens up new opportunities.”