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Mail & Guardian
07-07-2025
- Business
- Mail & Guardian
Brics leaders must take steps on policy to facilitate between member countries
These countries need to rethink the prohibitive tariffs they place on each other Many themes are on the minds of the political leaders attending the Brics Summit in Brazil, but one aspect that is certainly important for all is easing trade friction in this group. For the long-term sustainability of Brics, there must be a stronger economic ambition that ties the grouping together beyond its political and geopolitical alignments. Across all Brics countries, researchers, policymakers and business people have been attempting to adapt and address the restrictions caused by the United States Liberation Day tariff. There remains profound uncertainty about the path ahead, as the 90-day pause comes to an end this coming week. What the Brics countries have not reflected on is the prohibitive tariffs they place against each other, which limit intra-Brics trade. The blame, while correct, cannot be placed solely on the US for its higher tariffs; the Brics countries should also consider taking a serious look inward and assess how they could deepen intra-trade and increase investments. The ideas of this path have long been documented in the business arm of this grouping, the Brics Business Council Forum, in its various annual reports. Still, few of these ideas have made their way into the political groupings' resolutions in a manner that changes the economic engagement landscape among these countries. The current environment necessitates such a strong approach. Consider the South African agricultural sector, which, because of the lack of a trade agreement, faces higher tariffs in Brics member countries. Take China as an example; South Africa's macadamias face a 12% import tariff and the wine industry tariffs of 14% to 20%. In addition to higher tariffs, exporters also face phytosanitary barriers. I am singling out China here, but the same can be said about India, another major agricultural importer in Brics. For South Africa, agriculture is one of the key strategic industries for driving economic growth and revitalising rural communities. Notably, the sector cannot grow robustly without an expansion into new export markets. Already, the South African agricultural industry exports roughly half of its produce in value terms, amounting to about $13.7 billion in 2024. But the Brics countries account for a small share of these exports. Roughly two-thirds of South Africa's agricultural exports go to the African continent and the European Union. While China has signalled optimism and an intention to lower import tariffs for various goods from Africa, there is no demonstrable evidence of the actual path of implementing this, along with the timelines. Currently, it primarily serves as a political statement. The Brics grouping should build on these political statements, and argue for a proper framework that technocrats and business can start refining, which can be launched at the next summit in India as the Brics trade agreement. This would encompass the agricultural sector, as this grouping is a big market, accounting for roughly half of global agricultural imports, but filled mainly by non-Brics members. The US authorities' tough trade stance necessitates this approach to trade policy, which will allow Brics countries to expand the avenues for trade for their domestic businesses and alleviate the friction in this grouping. This economic ambition of deepening trade is vital for the long-term sustainability of Brics. Wandile Sihlobo is the chief economist of the Agricultural Business Chamber of South Africa (Agbiz).
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Business Standard
07-07-2025
- Business
- Business Standard
PM Modi calls for responsible AI, invites Brics nations to AI Impact Summit
PM Modi stated that the diversity of the Brics group and its firm belief in multipolarity is its "biggest strength" ANI Prime Minister Narendra Modi stated that India views Artificial Intelligence (AI) as a means to enhance human values and capabilities and called for giving equal priority to resolving concerns and encouraging innovation in AI governance, and added that they need to work together for Responsible AI. While addressing the Brics Summit Outreach Session on 'Strengthening Multilateralism, Economic-Financial Affairs and Artificial Intelligence' on Sunday (local time), he invited Brics nations to participate in the 'AI Impact Summit' set to be held in India next year. He said, "In the 21st century, the prosperity and progress of humanity depend on technology, especially Artificial Intelligence. On the one hand, AI is a very effective means of bringing about change in the life of a common man, on the other hand, questions such as risks, ethics, bias are also associated with AI. India's thinking and policy on this subject are clear: We see AI as a medium to enhance human values and capabilities. Working on the mantra of 'AI for All'. Today, India is actively and extensively using AI in sectors such as agriculture, health, education, governance." "We believe that resolving concerns and encouraging innovation should both be given equal priority in AI governance. We will have to work together for Responsible AI. Such global standards will have to be created that can verify the authenticity of digital content so that the source of the content can be known, transparency is maintained, and misuse is stopped. The leaders statement on Global Governance of AI being issued in today's meeting is a positive step in this direction. To increase coordination among all countries, next year, we are going to organize "AI Impact Summit" in India. We hope that all of you will actively contribute in making this summit a success," he added. PM Modi stated that the diversity of the Brics group and its firm belief in multipolarity is its "biggest strength." He noted that the whole world is facing challenges and uncertainties. "The diversity of the Brics group, and our firm belief in multipolarity, is our biggest strength. Today, when the world order is feeling pressure from all sides, the world is going through many challenges and uncertainties; in such a situation, the increasing relevance and influence of Brics is natural. We should together consider how Brics can become a pioneer of a multipolar world in the times to come," he said. "I have some suggestions in this regard: First, our economic cooperation under Brics is progressing steadily. Brics Business Council and Brics Women Business Alliance have played a special role in this. Under the presidency of Brazil, special emphasis has been laid on reform of the International Financial System. We welcome this," he added. He spoke about the Brics Agricultural Research Platform, which has been established in India and can serve as a medium for sharing best practices in agri-biotech, precision farming, and climate change adaptation. He said, "In the form of Brics New Development Bank, we have given an important and strong option for the development of the countries of the Global South. While approving projects by NDB, it should focus on issues such as the demand-driven principle, long-term financial sustainability, and a healthy credit rating. Improving our own systems will give more credibility to our call for reformed multilateralism." "Secondly, today the countries of the Global South have certain expectations and aspirations from Brics. We can work together to fulfil them. For example, Brics Agricultural Research Platform has been established in India which can be a medium for sharing best practices in agri-biotech, precision farming and climate change adaptation," he added. He called for the creation of the Brics Science and Research Repository and emphasised that its benefits can be extended to the nations of the Global South. He called for making supply chains secure and resilient. "We have taken the initiative of 'One Nation One Subscription' to make all academic journals in India available in every corner of the country. Such arrangements have been made in some other Brics countries as well. I suggest that we consider jointly creating a Brics Science and Research Repository, the benefits of which can also be extended to the countries of the Global South," he added. "Third, in addition to greater cooperation in critical minerals and technology, we must focus on making their supply chains secure and resilient. It must also be ensured that no country uses these resources solely for its own interests or as a weapon," he added. In a post on X, PM Modi stated, "Addressed the Brics Summit Plenary session on 'Strengthening Multilateralism, Economic-Financial Affairs, and Artificial Intelligence.' Focused on how to make the Brics platform even more effective in this increasingly multipolar world. Also gave a few suggestions which are explained in the thread below." Ministry of External Affairs spokesperson Randhir Jaiswal stated that PM Modi, in his address, emphasised Brics as a catalyst for global cooperation and a multipolar world. "PM @narendramodi participated in the Outreach Session on 'Strengthening Multilateralism, Economic-Financial Affairs and Artificial Intelligence', along with Brics members, partners and outreach invitees, at the 17th #Brics Summit. In his address, PM emphasized Brics as a catalyst for global cooperation and a multipolar world. He urged for demand driven approach & long term financial sustainability in NDB led projects. PM highlighted India's initiatives in agri-biotech, digital education access, and called for a Brics Science & Research Repository. On AI, he stressed on responsible governance and invited the Brics partners for the "AI Impact Summit" that India will be hosting next year," Jaiswal posted on X.
Time of India
05-07-2025
- Business
- Time of India
Brics summit: India pushes for trade without barriers; business leaders call for local currency use, digital collaboration
Representative image (Picture credit: AP) As Prime Minister Narendra Modi embarks on his visit to Brazil for the 17th Brics Summit, Indian business leaders and the Brics Business Council are pushing for deeper economic integration and seamless trade within the bloc. Onkar Kanwar, chairman of the Brics Business Council, underlined that the grouping's central aim is to remove trade barriers, strengthen multilateralism, and promote local currency trade among members. 'We are trying to remove all the trade barriers… We can exchange businesses within our own countries, let's say from Russia to India. We can use local currencies… and that will go a long way,' Kanwar said on the sidelines of the summit, as quoted by news agency ANI. He praised India's leadership in championing inclusive digital transformation and called for sharing India's successful digital platforms across Brics nations. India's rapid digitalisation, according to Kanwar, is a model for emerging economies. 'Even if you've got the smallest person… if you go to any shop, he will have that digital platform. We should share that with other countries,' he noted, adding that Digital India's success could guide tech-led development across the bloc, as per ANI. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The Brics Business Council's recent meetings have reportedly focused on youth employment, digital collaboration, and industrial cooperation. Kanwar also lauded PM Modi's efforts in fostering a robust startup ecosystem, which he said has created wide opportunities for the youth. The Brics Summit in Rio de Janeiro will see PM Modi likely engage with leaders on issues like global governance reform, artificial intelligence, climate action, and economic cooperation. He is also expected to hold bilateral talks with Brazilian President Luiz Inácio Lula da Silva in Brasilia, focusing on trade, defence, energy, technology, agriculture and cultural ties. Ahead of the summit, several Indian business leaders shared their optimism about strengthening economic relations with Brazil and other Brics nations. According to ANI, Sameep Shastri of the Brics Chamber of Commerce and Industry said India's presidency next year is eagerly awaited and expected to be hosted in a 'grand manner,' akin to the G20. VP Nandakumar of Manappuram Finance pointed to mutual strengths in India and Brazil that could benefit both economies, saying, 'This is an opportunity to understand each other... the Prime Minister's presence will lend a lot of confidence.' Entrepreneurs like Archana Jahagirdar highlighted Brics as a platform for global startup growth, aligning with PM Modi's vision. Hemil Kiri, from Indoasia Copper Ltd, praised India's global positioning, stating, 'He's been leading us in a new direction… helping investors in all ways possible.' Navneet Ravikar of Leads Connect Services noted Brazil's potential in agribusiness, particularly in animal husbandry and pulses cultivation, where India could benefit from Brazil's technology and land resources. 'We believe the PM's initiative by coming here will help foster collaborative business,' he said. Bijoy Devadas of ERAM Group emphasised unexplored potential in areas like renewable energy and skill development. 'We're excited… the Group is exploring opportunities, especially in power electronics and R&D,' he told ANI. With Brics now expanded to 10 countries, including new entrants like Egypt, Ethiopia, Iran, and the UAE, the Summit is expected to reinforce India's role as a key voice in shaping a more equitable and multipolar world economy. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
