BRICS should strengthen its commercial, trade, and investment connections, according to Prime Minister Narendra Modi.

On Friday, Prime Minister Narendra Modi emphasised that seafarer safety, secure sea lanes, and freedom of passage were crucial to maintaining international trade and urged BRICS to use its rising economic clout to increase investment and business ties.

Speaking at the BRICS Business Forum, Modi called on the participants to identify and eliminate the top ten trade barriers, expand 100 BRICS startups into other member markets annually, and form 1,000 new business alliances. He stated that the organization should turn its increasing economic clout into tangible business prospects, presenting India as a nation creating “economic bridges” at a time when trade obstacles are rising internationally.

“Global trade can only progress if sea lanes are secure, supply routes remain open, and seafarers are safe. Therefore, India is a staunch supporter of freedom of navigation and the safety of seafarers,” he said.

The comments were made in the midst of wars and geopolitical crises that were upsetting supply chains, driving up prices, and interfering with petroleum and other trade through crucial sea lanes. During the US-Iran confrontation, Indian ships have been targeted, and pirates have kidnaped Indian sailors.

Modi emphasised the size of the expanded BRICS alliance, stating that its member nations and partners now account for about 25% of global trade, 40% of global GDP, and around half of the world’s population. While the world GDP has increased by two and a half times over the last 20 years, the total GDP of the BRICS economies has grown four and a half times.