The 18th BRICS Summit offers a chance to improve India’s economic involvement with growing markets and turn BRICS cooperation into real benefits for Indian companies. For business the success of BRICS should finally be measured by whether it makes cross-border trade and investment cheaper and simpler.

First, India should push for a system to remove trade barriers. Indian companies often deal with customs rules, paperwork, standards and regulations in different places. A BRICS Trade Barriers Resolution Mechanism could give businesses a way to report these issues, assign them to the right people and track their fixing. This would change trade facilitation from a promise into something that businesses can really use, said Shri Rajeev Juneja, President, PHDCCI.

Second, BRICS should make it easier to use currencies for trade. Using currencies, including the rupee can lower costs and some of the risks when making payments across borders. Companies need more than just an agreement. They need banks that can handle the payments, arrangements for correspondent banking and real ways to use money in currencies. The goal should be to give businesses options for how they pay, rather than creating a single BRICS currency.

Third, India should use UPI to make cross-border payments easier. India has shown that digital payments can be fast, easy and cheap. The next step should be to link BRICS payment systems so businesses and people can pay across borders easily. Interoperable QR payments, faster money transfers and common technical rules could be very helpful for medium businesses, service providers and small exporters, added Shri Rajeev Juneja.

Fourth, BRICS needs to tackle the money problems that small and medium businesses face. For smaller exporters finding a buyer is only part of the problem; getting money for the order and waiting for payment can be just as tough. Building on the Jaipur Consensus India could push for a system that allows businesses to get money for invoices and trade financing. Linking this with India’s TReDS system could help small exporters turn verified invoices into cash

Fifth, BRICS should make standards and certifications less of a problem for trade. A product that meets standards might still need more testing or approval to enter another market. Sector-specific agreements could cut these costs. Pharmaceuticals, engineering products, cars, electronics, food processing, chemicals, textiles and medical devices could be among the areas to consider.

Sixth, India should use BRICS to create supply chains. Recent global problems have shown how quickly a shortage of one part, mineral or energy source can affect industries. BRICS could look at weaknesses in supply chains that cover medicines, electronics, chips, important minerals and energy while promoting more varied sourcing and investment. This would make India’s manufacturing stronger. Open up new chances for Indian companies.

Seventh, services need focus. India’s strengths go beyond just selling goods. IT, engineering advice, health care, education and other professional services offer chances across BRICS markets. A BRICS Services Facilitation Framework could deal with recognizing qualifications, digital services and moving skilled workers helping Indian companies do better, said Shri Rajeev Juneja.

Eighth, the New Development Bank (NDB) should become a source of money. India can push for NDB funding for transport industrial areas, clean energy, digital infrastructure, small and medium businesses and projects that handle climate change. Using local currency loans and working with private investors could help turn BRICS financial cooperation into real projects.

Ninth, energy and important minerals must stay a part of the economic plan. For businesses energy security is linked to how well they do. Fluctuations in oil prices or shortages of minerals can raise costs, increase India’s import costs and affect inflation. BRICS cooperation on mineral supply chains, processing, clean energy, storage and battery materials can give more security and new investment chances.

The industry needs a spot at the BRICS table. A BRICS-Industry Business Facilitation mechanism, with business groups from each country are looking for connecting with each other and check what promises from the Summit are actually being made. This would make sure the talk doesn’t stop after the Summit ends, said Dr. Ranjeet Mehta, CEO&SG, PHDCCI.