BRICS Summit 2026: PM Modi Calls To Remove Top 10 Trade Barriers, BRICS Hold 40% Of Global GDP

The 18th BRICS Summit is held by India from September 12 to September 13, 2026. This is the fourth chairship of India for the BRICS forum in 2026. As the big day arrives, Prime Minister Narendra Modi emphasizes stronger economic integration. He praised BRICS countries' contribution to the world economy and believes three parameters should be considered every year to review their progress.

He preached about expanding global trade while signaling that both economic growth and supply-chain resilience cannot be distinguished from security of shipping routes. His statement comes at a time when global trade has been impacted at the Persian Gulf due to the US-Iran conflict, which is impacting economies globally.

PM Modi said, "As BRICS enters its third decade, I would like to urge the BRICS Business Council: Can you prepare a report on removing the top 10 trade barriers among BRICS nations? Can we support 100 BRICS startups annually to scale up in other BRICS markets? Can we forge a thousand new partnerships among our businesses? We should review our progress on these three parameters every year."

He also tweeted, saying, "50% of humanity and 40% of global GDP." adding, "Naturally, BRICS matters!"

Adding, PM Modi said, "At the BRICS Business Forum, highlighted India's approach of 'Make in India, Innovate with India, Scale for the World.' My other message...let's make the next decade about action. Let us remove the top 10 trade barriers. Help 100 BRICS startups scale across markets every year. Build 1,000 new business partnerships. Let BRICS grow. Let BRICS help the world grow."

Furthermore, PM Modi acknowledged that the economic strength of BRICS countries have increased nearly twice the pace of the rest of the world.

Meanwhile, Russian President Vladimir Putin, who is among the BRICS countries, criticized the West and their sanctions. He called it "coercive economic pressure."

"Over the last five years, more than 40% of the world GDP has been produced by the BRICS countries, whereas the contribution of the so-called G7, the Group of Seven—I don't know why they call that the Group of Seven-stands at only 29%," Putin said.

Moreover, PM Modi said, "The India-Russia economic partnership continues to gather momentum."

"In Delhi, President Putin and I participated in INNOPROM, bringing together several companies from both countries. It reflects the growing depth of our business engagement," PM Modi added.

He also met Dr. Masoud Pezeshkian, the president of Iran in Delhi. Modi revealed that "We talked about the India-Iran friendship. We believe that we should move forward with a long-term and win-win strategy."

BRICS has emerged as a key platform for coordinating economic policy among major emerging economies. It serves as the principal forum where these nations shape a common position on global governance. Through sustained dialogue, it has become a channel for advancing the interests of the Global South within multilateral institutions. Its agenda spans development, finance, technology, trade and people-to-people exchanges. The grouping reflects the growing economic weight and aspirations of emerging economies globally. It provides members with a platform to share experiences and address common challenges.

Under its 2026 Presidency, India is set to host the 18th BRICS Summit in New Delhi on 12-13 September 2026. It will mark India's fourth Chairship of BRICS in 2026. India's Chairship is guided by the theme "Building for Resilience, Innovation, Cooperation and Sustainability." The theme reflects India's focus on strengthening existing achievements and institutional effectiveness. It places development, sustainability and innovation at the heart of the agenda. It also highlights the aspirations of the Global South. India seeks to reinforce BRICS as a constructive and solutions-oriented forum.