Russian President Vladimir Putin has emphasised that reliable business‑to‑business ties and economic partnerships form the backbone of international economic relations.

He stated that such ties help overcome the problems facing the world, as he addressed the BRICS Business Forum 2026 in New Delhi.

He remarked that the gathering demonstrated the growing interest in strengthening business contacts and relations across the BRICS space. He underlined that reliable economic partnerships build relations in a stronger and more resilient manner, enabling nations to confront global challenges more effectively.

Putin noted that the world is undergoing structural, deep and profound shifts. He explained that the so‑called old leaders, who were the vanguard of economic growth in the second half of the twentieth century, are being replaced by new engines of growth.

He clarified that the term old was only a formality, as these leaders still possess great strengths, well‑developed infrastructure and significant scientific achievements. He linked the importance of economic ties to these broader changes in the global economy, stressing that shifts in the international economic order are natural and continuous.

He added that it is in the nature of humanity and the economy that change cannot be stopped. He said the world is always changing, and this is attested to by objective facts observed in the last five years. 

Highlighting the growing economic weight of BRICS, Putin pointed to the contribution of BRICS countries compared with the G7. He stated that in the last five years, BRICS nations contributed more than 40 per cent of the world’s GDP, while the G7 accounted for only 29 per cent.

The BRICS Business Forum 2026 was attended by Prime Minister Narendra Modi, BRICS leaders, the Chairs of the BRICS Business Council and the BRICS Women’s Business Alliance. Iranian President Masoud Pezeshkian, External Affairs Minister S Jaishankar, Brazilian Foreign Minister Mauro Vieira, Commerce and Industry Minister Piyush Goyal and South African President Cyril Ramaphosa were among the dignitaries present.

The Forum is the flagship private sector platform of the BRICS grouping and is convened annually in the Summit host country on the eve of the Leaders’ Summit. It brings together business leaders, Ministers and Heads of State to discuss trade, investment, finance, technology and development challenges shaping the BRICS economic agenda.

The Forum also serves as a platform where key ideas and suggestions from the Council are presented and discussed. It plays a strong agenda‑setting role, with its conclusions and the Business Council’s recommendations regularly reflected in BRICS Summit declarations and follow‑up work plans.

The recommendations particularly cover intra‑BRICS trade, investment, digital economy, MSMEs, standards cooperation and value chain integration.

India is hosting the 18th BRICS Summit under its 2026 chairship. The chairship is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability”, with development, sustainability and innovation forming key areas of focus.

BRICS has emerged as an important platform for coordination among major emerging economies and for advancing the interests of the Global South in multilateral institutions. Its agenda covers development, finance, technology, trade and people‑to‑people exchanges.

The grouping currently comprises 11 countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the UAE. India’s chairship comes amid global economic fragmentation, technological disruption, geopolitical uncertainty, climate change and resource pressures. 

For India, the 2026 chairship is focused on translating the expanded representation of BRICS into meaningful cooperation and tangible outcomes, while building consensus among its diverse members and strengthening the effectiveness of existing mechanisms.

ANI