BRICS LIVE: Modi, Putin hold extensive talks on trade and defence

PM Modi urges Iran President Pezeshkian to resolve West Asia conflict through dialogue and diplomacy

Prime Minister Narendra Modi on Friday pressed Iranian President Masoud Pezeshkian to resolve the West Asia conflict through dialogue and diplomacy while highlighting the vital need for safe navigation and safety of seafarers.

In their talks, the two leaders also discussed various aspects of the India-Iran relationship. It was the second meeting between the two leaders in less than two weeks.

The talks took place hours after the Iranian leader arrived in the national capital to attend the BRICS summit. It is Pezeshkian's first visit to India as the president.

His visit assumes significance as it comes amid sudden spike in overall tensions in West Asia following the US slapping new punitive economic measures against Iran.

"The two leaders exchanged views on recent developments in West Asia. The Prime Minister reiterated India's consistent position that all issues must be resolved through dialogue and diplomacy," the Ministry of External Affairs (MEA) said.

The prime minister also "underscored the need for continued efforts to ensure lasting peace and stability in the region, safeguarding freedom of navigation and commerce, and the safety and well-being of seafarers", it said in a statement.

The MEA said Modi and Pezeshkian discussed various aspects of the bilateral relationship and that the Prime Minister thanked Iran for its regular, high-level participation in BRICS-related meetings despite the challenging circumstances.

"He noted the potential for BRICS in building the spirit of resilience, innovation, cooperation and sustainability among countries in the Global South," it said.

Russia ready to contribute to global energy, food security: Putin

Russia stands ready to contribute to global energy and food security, President Vladimir Putin said on Friday, highlighting that BRICS countries have dynamic and vibrant domestic markets.

Addressing the BRICS Business Forum in the national capital, Putin also said the world is undergoing structural, deep, and profound shifts. He emphasised that Russia is open to interesting, promising initiatives in tourism, industry and trade.

"Together with our partners, we stand ready to contribute to world energy and food security, to building reliable logistic routes such as the Arctic Transport Corridor and the North-South Transport Corridor. "We also intend to reinforce our cooperation in personal training and applied research in smart technology, unmanned transport, and so on and so forth," Putin said.

Against the backdrop of the ongoing Russia-Ukraine conflict and West Asia crisis, the visiting President also took a swipe at Western countries, without directly naming the US or any other country.

Noting that at times competition takes ugly forms, Putin said, "These ugly forms are something we see even at the state level, at the government level, and sometimes there are measures resorted to (that are in) physical nature..." Putin also hit out at Western sanctions. 

PM Modi holds talks with Iranian President Pezeshkian

Prime Minister Narendra Modi on Friday hosted Iranian President Masoud Pezeshkian for talks to review the overall situation in West Asia and chart a path for expanded bilateral relations, marking their second meeting in less than two weeks.

The talks took place hours after the Iranian leader arrived in the national capital to attend the BRICS summit. It is Pezeshkian's first visit to India as president.

The visit assumes significance as it comes amid a sudden spike in overall tensions in West Asia following the US slapping new punitive economic measures against Iran.

"India and Iran share civilizational ties, marked by robust cultural and people-to-people bonds. As BRICS partners, the two countries are working to contribute to shared progress and prosperity," External Affairs Ministry spokesperson Randhir Jaiswal said on social media.

Before leaving for New Delhi, Pezeshkian underlined the need for BRICS to focus on boosting its economic resilience. "The new BRICS bank was created to free countries from reliance on the dollar and to stand against America's push for dominance," he said.

Modi had met the Iranian leader in Bishkek on August 31 and conveyed that India supports all efforts towards ending the conflict.

Putin pitches NDB investment platform to deepen BRICS trade, technology ties

Russian President Vladimir Putin on Friday pitched a new investment platform to fund projects in trade, infrastructure, logistics and technology across BRICS, while stressing that the grouping's expanding economic cooperation was "not against anyone" and aimed instead at advancing the national interests of its members.

Addressing a gathering of BRICS business leaders ahead of the summit, Putin said Russia was ready to work with partners on infrastructure and logistics projects, including the Arctic Transport Corridor and North-South Transport Corridor, as well as cooperation in technology, artificial intelligence, unmanned transport, finance, tourism and industry. "We are not against anyone," Putin said. "We are in favour of our interests," while asserting that BRICS remained open to cooperation with the wider world.

Putin said the proposed NDB-based investment platform would seek to mobilise private-sector funding and make BRICS economies more competitive. He expressed hope that other BRICS members would support the initiative. "We need funding," Putin said, adding that the NDB was already doing significant work but could provide the basis for a broader investment mechanism.

BRICS members have been exploring ways to increase development financing, infrastructure investment and the use of local financial resources while reducing dependence on traditional Western-led financial institutions.

The proposal came as Putin highlighted what he described as a major shift in the global economic balance towards BRICS economies. He said more than 40 per cent of global GDP had been produced by BRICS countries over the past five years, compared with 29 per cent for the G7, while BRICS accounted for more than half of global economic growth during the period.

"The world is always changing," he said, arguing that the economic weight of the traditional growth centres of the second half of the 20th century was being replaced by new engines of growth.

The Russian President framed the expanding BRICS economic architecture as an effort to advance national interests rather than exclude other countries.

NDMC deploys 19 medical personnel on standby for emergencies

PM Modi gives Russian translation of Thirukkural to Putin

BRICS calls for bigger emerging-market voice in IMF, World Bank; flays unilateral tariffs

BRICS finance ministers and central bank governors called for greater representation of emerging-market and developing economies in the IMF and World Bank, and criticised unilateral tariffs and trade measures, as the expanded bloc sought to strengthen financial cooperation amid rising geopolitical and economic fragmentation.

In a joint statement issued after meeting here, the ministers and central bank governors backed greater use of local currencies for trade and investment, and pushed ahead with work on cross-border payment systems.

The global economy, they said, faced heightened risks from geopolitical tensions, trade fragmentation, protectionism, policy uncertainty, fiscal and inflationary pressures, debt and financial vulnerabilities.

"We continue to have serious concerns about the unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures, which distort trade and are inconsistent with World Trade Organisation (WTO) rules," BRICS members said without naming any country.

They said such pressures weighed most heavily on emerging markets and developing economies and reaffirmed support for an "open, transparent, inclusive, non-discriminatory, and rules-based multilateral trading system with the World Trade Organisation (WTO) at its core".

The BRICS grouping renewed its call for reform of the Bretton Woods institutions, saying their governance structures should reflect the transformation of the global economy since the institutions were established.

The bloc called for a greater voice and representation for emerging-market and developing economies in the IMF and World Bank, including through changes to quota and voting shares.

BRICS also urged the IMF to bring into effect without further delay the quota increases agreed under its 16th General Review of Quotas and called for approaches to "meaningful quota realignment" to be developed at the earliest under the 17th review.

The group said any new quota formula should protect the shares of the poorest members and that voluntary financial contributions should not influence quota allocation, governance representation or voting power.

PM Modi holds bilateral talks with Russian President Putin

Prime Minister Narendra Modi on Friday met Russian President Vladimir Putin for wide-ranging talks that are likely to focus on enhancing annual bilateral trade to USD 100 billion by 2030 and further strengthening cooperation in defence, energy and critical minerals.

Putin landed in New Delhi this morning on a three-day visit to participate in the BRICS summit.

The two leaders are also expected to delve into expanding the already strong defence cooperation.

Kremlin spokesperson Dmitry Peskov on Tuesday said both sides are also exploring BrahMos missile upgrades, and that Moscow remains committed to fulfilling its remaining S-400 system deliveries and discussing the proposed supply of Su-57 fighter jets. The Russian official said the energy ties between the t­wo countries remained robust and that both sides are looking at holding negotiations for India's plan to set up new civil nuclear reactors.

Modi and Putin previously met on the sidelines of the SCO summit in Bishkek last week, where the prime minister called for an immediate end to the conflict and urged the Russian leader to shift from an "endless war towards the end of war".

The Ukraine conflict and roadmap to peace are expected to feature prominently in their upcoming talks. There have been renewed efforts, including by the Trump administration in the last few days, to find a way to resolve the conflict.

Ahead of the Modi-Putin talks, sources said the two sides will also focus on reaching the ambitious trade target of USD 100 billion by 2030. Expanding Industrial cooperation with Russia, collaboration in the rail sector and tunnelling, developing the steel value chain and broadening access to the Russian market for Indian exporters are also set to figure in the talks, they said.

The two leaders are also expected to deliberate on strengthening civil nuclear cooperation, including fuel cycle and life cycle support. Increasing mobility of Indian skilled labourers to Russia and cooperation in critical minerals are also set to be discussed, the sources said.

Finance ministers discuss possibility of efficient cross-border payment mechanisms

Finance ministers and central bank governors of BRICS countries have discussed the possibility of efficient cross-border payment mechanisms. 

"We acknowledge the efforts of the BRICS Payment Task Force (BPTF) towards exploring pragmatic solutions for efficient cross-border payment mechanisms, drawing on the guidance provided by our leaders in the Kazan and Rio Declarations, on the BRICS Cross-Border Payments Initiative," a joint statement of BRICS Finance Ministers and Central Bank Governors (FMCBG) said on Friday.

The joint statement comes a day ahead of the two-day BRICS Summit being held in Delhi. The BPTF also studied cross-border interoperability of payment and messaging channels, and held discussions on promoting trade settlements and investments using local currencies of BRICS countries, it said.

While pursuing these efforts, the task force has been asked to respect national priorities and recognise that there is no "one-size-fits-all" approach. "We encourage the BPTF to continue discussions, building on the ongoing work, to facilitate practical solutions for cross-border payments among BRICS countries, which are fast, low-cost, more accessible, efficient, transparent, and safe," the statement said.

With the growing share of emerging markets and developing economies (EMDEs) in global output and growth, reform of global 29 economic governance remains a consistent BRICS priority; it said they will continue to strengthen coordination among BRICS members to make international financial institutions more representative, transparent and accountable.

FMCBG reiterated the urgent need to reform the Bretton Woods Institutions (BWI) to make them more agile, effective, credible, inclusive, fit for purpose, unbiased, accountable, and representative, to enhance their legitimacy. BWI governance structure should be reformed to reflect the transformation of the global economy since their establishment, it said. The voice and representation of EMDEs in the BWI must reflect their relative position in the global economy, it said.

Ahead of Modi-Xi meeting, China urges India to properly manage differences

Ahead of President Xi Jinping's visit to India for the BRICS summit and bilateral talks with Prime Minister Narendra Modi, China on Friday said both countries should handle differences properly and view their ties from a strategic and long-term perspective. 

President Xi will arrive in New Delhi on Saturday to attend the BRICS summit, his first visit to India in nearly seven years. He is scheduled to hold a bilateral meeting with PM Modi on the sidelines of the summit on Saturday.

Asked how China viewed the Modi-Xi meeting, Chinese Foreign Ministry spokesperson Mao Ning told a media briefing in Beijing that this will be the third year in a row that both leaders will meet following meetings in Kazan and Tianjin. China will work with India to act on the strategic guidance of the two leaders, handle bilateral relations from strategic height and long-term perspective, step up communication and enhance cooperation to properly handle differences, and be friends enjoying good neighbourliness and partners helping each other, Mao said.

About the BRICS summit, Mao said it was now a key platform for emerging markets and developing countries to uphold solidarity and cooperation. Since its founding, BRICS countries have upheld the spirit of openness, inclusiveness and win-win cooperation, she said. BRICS has stayed committed to upholding multilateralism, fairness and justice and seeking common development. It has grown into a real force standing at the forefront of the Global South, she said.

China attaches great importance to BRICS and actively participates in BRICS cooperation, she said. About the significance of the New Delhi summit, which is taking place amid the Iran-US conflict and the Ukraine-Russia war, Mao said China stands ready to work with BRICS countries to settle disputes through dialogue and negotiation and contribute to peace and stability.

Xi’s visit is expected to be a high-profile diplomatic engagement with implications for the ongoing efforts to stabilise bilateral ties between the two Asian powers as well as for BRICS cooperation amid a volatile global situation.