During its BRICS chairmanship, India aims to transform the expanded group into an effective mechanism for practical cooperation, focusing on strengthening economic resilience, developing digital payment systems, supporting small businesses, and promoting the interests of the Global South in the international arena.
A focus on logistics, technology, and national currencies
In accordance with the agenda items of the chairmanship, it can be assumed that India will continue to promote the principle of economic sustainability. This, in turn, involves strengthening supply chains, maintaining food and energy security, and developing transport routes and practical mechanisms for settlements in national currencies. The business communities of the participating countries are increasingly interested in creating transparent, accessible, and predictable payment channels.
It is expected that digital cooperation will be established as one of the priority areas for BRICS development. The Indian side has extensive experience in this area. It is reasonable to assume that the existing developments can be used by other participants. In particular, this refers to the UPI fast payment system. It would be reasonable to explore the possibility of cooperation between national payment systems and, in the future, between central bank digital currencies. Given the sensitivity of the issue, significant efforts will need to be made to ensure the monetary sovereignty of each member state.
There is an obvious need to expand cooperation between small and medium-sized enterprises (SMEs) in member countries. In BRICS, discussions on current issues often take place at the government and corporate level, while SMEs continue to face challenges in banking, logistics, certification, customs clearance, and finding reliable partners. The introduction of specialized business platforms, industry-specific marketplaces, and proven mechanisms for direct interaction would make the association more beneficial for entrepreneurs.
Undoubtedly, New Delhi can be expected to pay more attention to logistics issues, including the development of cross-border transport infrastructure, the harmonization of customs and insurance procedures, and the introduction of digital document management. In this regard, the development of the North-South international corridor, the Iranian port of Chabahar, and other maritime and land routes remain relevant, which will contribute to strengthening economic ties between the BRICS countries.
New Horizons for Cooperation
The topic of strengthening the platform’s position on the global track deserves special attention. The Indian side has all the necessary competencies to maintain BRICS as an inclusive and non-confrontational association. New Delhi has already demonstrated its ability to maintain constructive relations with Russia, the United States, the European Union, the Gulf countries, Israel, and Iran. This provides India with the opportunity to engage with various parties and contribute to finding balanced solutions for resolving conflict situations.
At the final stage of the Indian Chairmanship, we can expect continued promotion of the interests of the Global South in the United Nations, the World Trade Organization, the International Monetary Fund, and the World Bank. At the same time, the reform of international institutions should be accompanied by the achievement of practical results in the areas of investment, advanced technologies, healthcare, education, and sustainable development.
From expansion to the implementation of specific initiatives
In summary, it is worth noting that during the remaining period of the chairmanship, India should facilitate the transition of BRICS from expansion to the implementation of specific initiatives. In fact, the effectiveness of the chairmanship will be largely determined by completed infrastructure projects, working payment corridors, increased business mobility and investment, as well as new opportunities for citizens and companies in the member countries. The effective functioning of the union does not require full agreement on every geopolitical issue. What is needed is the ability to provide practical benefits, mutual respect, and a willingness to engage in dialogue.
Vlad Markin, Deputy Editor-in-Chief of NEO
Follow new articles on our Telegram channel
