40% of global GDP is here: PM Modi on Brics Summit
At the Brics Business Forum, PM Narendra Modi highlighted the bloc's growing economic power, representing 50% of the global population and 40% of GDP, urging members to reduce trade barriers. His call for open trade contrasted with Russian President Putin and Iranian President Pezeshkian's anti-Western sentiments regarding sanctions and de-dollarization.
Why it matters
The article underscores the increasing economic influence of Brics nations and the internal tensions within the bloc regarding its stance towards the West, particularly India's resistance to an anti-Western alignment and de-dollarization efforts.
NEW DELHI: Noting that the Brics grouping now represents 50% of the global population, 40% of GDP, and 25% of trade, PM Narendra Modi said Friday that their collective economic might has grown at nearly double the global pace since the bloc was formed in 2006, and called upon member countries to reduce barriers to trade and increase opportunities for businesses.In his address at the Brics Business Forum, PM also underlined the need to keep trade flowing. "Global trade can move forward only when sea lanes are secure, supply routes are open, and seafarers are safe.
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