Modi's strong message at BRICS: 'Direct or indirect support to terrorism is unacceptable'
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Hindustan Times
42 minutes ago
- Hindustan Times
Brics Summit: India, Malaysia review bilateral cooperation in trade, investment
The review of the India-Asean free trade agreement and bilateral cooperation in areas ranging from trade and investment to defence figured in a meeting between Prime Minister Narendra Modi and Malaysian counterpart Anwar Ibrahim on the margins of the Brics Summit in Rio de Janeiro. PM Modi congratulated Malaysia for its successful stewardship of Asean. (AFP photo) The two leaders reviewed progress in bilateral ties since Anwar's visit to India in August 2024, including in trade, investment, defence, education, healthcare, tourism and people-to-people contacts, the external affairs ministry said after the meeting late on Sunday. Modi congratulated Malaysia for its successful stewardship of Asean and welcomed the country's support for a strengthened Asean-India comprehensive strategic partnership, including the 'early and successful completion of the review of the Asean-India FTA', the ministry said. India has been concerned about the lack of progress in nine rounds of negotiations held so far to review the Asean-India Trade in Goods Agreement (AITIGA). The Indian side believes the pact's weak provisions for rules of origin have led to dumping of Chinese-made goods through some of the 10 member states of Asean. The next round of negotiations will be held in August. Modi also thanked Anwar for his strong condemnation of the Pahalgam terror attack, and the leaders discussed cooperation in regional security and the multilateral arena. Modi held a separate meeting with Cuban President Miguel Diaz-Canel Bermudez on the margins of the Brics Summit to review bilateral ties in economic cooperation, development partnership, fintech, capacity building, science and technology, disaster management and healthcare. Also Read: PM Modi thanks Malaysia, Cuba for condemning Pahalgam terror attack: MEA Diaz-Canel acknowledged India's expertise in the digital domain and expressed interest in the country's digital public infrastructure and Unified Payment Interface (UPI) digital payment system, the external affairs ministry said. Modi proposed Cuba should recognise Indian pharmacopoeia, which will lead to the Cuban national healthcare system having access to Indian generic medicines. The two leaders also agreed to work on issues of concern to the Global South, including health, pandemics and climate change. Modi also had pull-asides with South Africa's President Cyril Ramaphosa and Vietnam's Prime Minister Phạm Minh Chinh.
Hindustan Times
42 minutes ago
- Hindustan Times
PM Modi thanks Malaysia, Cuba for condemning Pahalgam terror attack: MEA
MEA Secretary (Economic Relations) Dammu Ravi said on Sunday (local time) that Prime Minister Narendra Modi also held a bilateral meeting with Malaysian Prime Minister Anwar Ibrahim, where he thanked the latter for the condemnation of the Pahalgam terror attack. Prime Minister Narendra Modi during a bilateral meeting with Prime Minister of Malaysia Dato' Seri Anwar Ibrahim on the sidelines of the BRICS Summit in Brazil.(PTI) "Honourable Prime Minister also had bilateral meetings. One he had with the Prime Minister of Malaysia, wherein the Prime Minister thanked. Prime Minister Ibrahim for his strong condemnation of the Pahalgam terror attack," the MEA official said. Ravi added that the two leaders also discussed the ASEAN-India Free Trade Agreement. "The two leaders also discussed cooperation in the multilateral arena and regional security. Prime Minister congratulated Malaysia for its successful stewardship of ASEAN and welcomed its continued support for a strengthened ASEAN-India Comprehensive Strategic Partnership. And the successful completion of the review of the ASEAN India FTA," he said. PM Modi also met President of Cuba Miguel Diaz-Canel Bermudez, discussed bilateral issues and talked about the adoption of UPI in Cuba. "The 2nd meeting that he had was with the President of Cuba, His Excellency Miguel Diaz-Canel Bermudez, and both leaders talked about bilateral issues and exchanged ideas on further economic cooperation between the two countries. Very clearly in this meeting, India's digital public infrastructure and UPI- unified payment interoperability, these proposals, initiatives of India, which are low-cost cost came up. Cuba showed a lot of interest in looking into it and seeing how much it can benefit from those," he said. Ravi added that PM Modi also discussed the integration of traditional Indian Ayurveda in Cuba. "Another item that came in in the discussion was Cuba's possible recognition of Ayurveda and extended support for integrating it into Cuba's public health system. There was also a suggestion for Cuba to recognise the Indian pharmacopoeia, which will benefit in terms of giving access to India's generic medicines to the Cuban national healthcare system. So these are broadly the discussions that happened in the bilaterals," he said. He added that Prime Minister Modi also had pull-asides with South African President Cyril Ramaphosa and Prime Minister of Vietnam, Pham Minh Chinh. "In addition, the Prime Minister also had pull-asides with President Ramaphosa of South Africa and the Prime Minister of Vietnam. So broadly, these are today's highlights," he said. (ANI)
New Indian Express
an hour ago
- New Indian Express
BRICS Summit: Key takeaways for Indian business
CHENNAI: India emerged as a key architect of the BRICS agenda—driving local-currency trade, global governance reform, green investments, and digital regulation. These developments offer strong tailwinds for sectors spanning finance, infrastructure, technology, agriculture, and clean energy. With India set to assume BRICS Chairmanship in 2026, its businesses are well-positioned to capitalise on newfound opportunities. Following are some of the highlights from the Summit as far as such opportunities are concerned: National Currencies BRICS leaders, including India, endorsed increasing trade settlements in national currencies, aiming to reduce reliance on the US dollar. While the idea of a common BRICS currency remains off the table, discussions around payment systems such as BRICS Pay and national-currency settlement frameworks are gaining momentum. A new BRICS Multilateral Guarantee (BMG) mechanism, backed by the New Development Bank (NDB), was unveiled to help mobilise private investment, particularly in infrastructure, climate-related, and sustainable projects. This is expected to lower financing costs and stimulate capital inflows into India. The NDB also reaffirmed its commitment to strengthening its regional presence, with existing projects in India and plans to expand its office in Gujarat. Indian infrastructure, climate, and manufacturing sectors are likely beneficiaries. India joined other BRICS members in renewing calls for reforming global institutions such as the IMF, World Bank, and UN Security Council to provide greater representation for emerging economies. This agenda closely aligns with India's longstanding diplomatic goals. Climate and technology India's green energy and agri-tech sectors are expected to benefit from a collective push toward climate action and sustainable development. Member nations called on developed countries to finance the Global South's climate transition and expressed support for initiatives such as the Tropical Forests Forever Facility and the BRICS Grain Exchange. The summit also focused on digital regulation, including the need to address the unauthorized use of artificial intelligence and to strengthen data protection rights. These discussions are particularly relevant for India's fast-growing digital and AI industries. Enhanced frameworks for e-commerce and data privacy are likely to support continued growth in the domestic tech sector. India also advocated dismantling export restrictions among BRICS countries to promote more seamless trade and supply chains. This complements India's broader push for deeper South–South economic collaboration. A bilateral meeting between Prime Minister Narendra Modi and Chinese President Xi Jinping led to agreements on de-escalation along the Line of Actual Control and the resumption of border patrols. This development may help restore investor confidence, particularly in India's electronics and manufacturing sectors, which have been affected by geopolitical tensions. The BRICS joint statement also included a firm condemnation of terrorism and a call for enhanced intelligence-sharing. India, facing persistent cross-border threats, stands to benefit from stronger security cooperation within the bloc. Impacts The new guarantee fund and the shift toward local-currency trade could reduce borrowing costs and mitigate currency risks for Indian exporters and infrastructure developers. Initiatives like the grain exchange, forest protection funding, and clean economy programs will likely boost India's agri-tech and clean-tech industries. With AI governance and data protection now part of the BRICS agenda, Indian tech firms gain greater clarity on regulatory direction, which should support their expansion across software, AI, and e-commerce markets. Improved India–China ties may ease supply-chain constraints and open the door to more stable cross-border collaboration. More importantly, India's leadership on global institutional reform, climate finance, and the expansion of the BRICS bloc enhances its international standing. According to global economic analysts, this could attract further foreign investment and reinforce the goals of Atmanirbhar Bharat.
