Modi Proposes BRICS Startup Corridor for Market Access

Indian Prime Minister Narendra Modi has urged BRICS nations (Brazil, Russia, India, China, South Africa) to establish a cross-border startup corridor. The proposal aims to facilitate market access for startups within the bloc and foster inter-business collaboration.

Modi presented the initiative at the BRICS Business Forum in New Delhi, calling for the bloc to support 100 startups annually and develop 1,000 new partnerships among their businesses. He also requested the BRICS Business Council to prepare a report identifying the top ten trade barriers among member nations.

The proposal comes a day after the BRICS New Delhi Declaration was adopted, where the nations backed the safe and ethical use of emerging technologies such as artificial intelligence (AI). The declaration also identified quantum technologies as a potential area for cooperation.

Member nations also aim to improve access to AI resources while addressing associated risks. A BRICS Fintech Working Group will study the opportunities and risks presented by new technologies. The declaration also paves the way for establishing BRICS incubator networks, knowledge hubs, and startup forums to support networking and collaboration among startups within the bloc.