BRICS Business Forum Opens in New Delhi Ahead of Annual Leaders’ Summit
On Friday, the BRICS Business Forum kicked off in New Delhi, setting the stage for the bloc’s annual summit that India will host the following day. The gathering brought together entrepreneurs, policymakers, and experts from the eleven member states to discuss how digital tools can forge tighter, more resilient trade links across the emerging economies.
Digital Connectivity as a Cornerstone of Trade
The forum’s central theme was the creation of “more connected and resilient trade networks,” with speakers repeatedly highlighting digital technology as the glue that could bind disparate markets. Mtho Xulu, President of the South African Chamber of Commerce and Industry, captured this sentiment:
“We are looking at technology as one of the solutions to strengthen BRICS, because once you have a digital platform, it’s easier for the different citizens and businesses and countries to be able to communicate with each other, to be able to expose business opportunities. And obviously, there will be challenges in terms of digital gap and so on. But that also creates a digital infrastructure investment opportunity.”
Xulu’s remarks echo a broader consensus among BRICS analysts: bridging the digital divide can unlock new value chains, especially in sectors such as agri‑tech, fintech, and renewable energy. A 2023 World Bank report noted that intra‑BRICS trade could rise by up to 15 % if digital customs and payment systems were harmonized across member states (World Bank, 2023).
Leaders’ Summit Agenda: Economics, Energy, and Institutional Reform
Saturday’s summit is expected to cover a wide‑ranging agenda:
- Economic cooperation – exploring joint investment platforms and supply‑chain resilience.
- Energy security – diversifying sources and accelerating renewable transitions.
- Food security – leveraging agricultural innovation and cross‑border trade facilitation.
- Technology collaboration – joint research in AI, 5G, and quantum computing.
- Reforming global institutions – advocating for greater voice for developing nations in the IMF, World Bank, and UN bodies.
A recurring point of discussion will be the reduction of reliance on the US dollar in intra‑BRICS transactions. Members have been promoting the use of local currencies and exploring mechanisms such as the BRICS Contingent Reserve Arrangement to facilitate settlements. According to the International Monetary Fund, the share of BRICS currencies in global foreign‑exchange reserves rose from 4.5 % in 2015 to roughly 7 % in 2023 (IMF, 2023).
Geopolitical Context: Counterbalancing Western Influence
China and Russia have repeatedly framed BRICS as a vehicle to counterbalance Western‑dominated financial architectures, particularly those led by the United States. This perspective aligns with the bloc’s original mission—to provide a platform for emerging economies to cooperate on development, trade, and governance issues.
Since its inception in 2009, BRICS has grown from four founding members (Brazil, Russia, India, China) to eleven full members, with the addition of South Africa (2010), Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (2023‑2024). The group also engages ten partner countries, expanding its reach across Africa, Asia, and Latin America. Collectively, the members account for approximately 50 % of the world’s population—about 4.1 billion people—and contribute roughly 31 % of global GDP (World Bank, 2024).
Looking Ahead: Opportunities and Challenges
While the forum showcased optimism about digital integration, participants acknowledged persistent hurdles:
- Digital infrastructure gaps, especially in rural areas of Africa and South Asia.
- Regulatory heterogeneity that can impede cross‑border data flows.
- Geopolitical tensions that may affect consensus‑building on institutional reforms.
Addressing these challenges will require coordinated investment, standards‑setting, and sustained diplomatic engagement—areas where the BRICS platform can leverage its collective weight. As the bloc moves toward its next summit, the emphasis on technology‑driven trade connectivity offers a concrete pathway to deepen economic ties while amplifying the voice of developing nations on the global stage.
