India is hosting the 18th BRICS Summit on September 12–13, 2026, against the backdrop of heightened geopolitical tensions in the Middle East and rising crude oil prices. Russian President Vladimir Putin and Chinese President Xi Jinping are expected to attend the summit, with trade, economic cooperation and geopolitics likely to dominate the agenda.
Speaking to NDTV Profit, Sameep Shastri, Chairman of the BRICS Chamber of Commerce and Industry, said the focus of the grouping is increasingly shifting towards the Global South, with member countries looking to complement each other despite their differences.
“We have seen this change in the entire way trade policies are being framed and the way industry bodies are being engaged,” Shastri said.
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According to Shastri, India and China have the ability to meet a large part of their domestic requirements, creating significant scope for greater economic cooperation and market access between the two countries.
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“India and China can cater to most of the needs of our own countries. We are there to find out how we complement each other and how we are going to really work towards opening these markets within the BRICS-plus nations,” he said.
Shastri said India needs to pursue more trade agreements with BRICS-plus countries to increase trade flows and improve market access for Indian businesses.
“We have to build more trade agreements with BRICS-plus nations to increase trade traction. We are in trade deficit with most of the BRICS nations, but are not well equipped still,” he said.
He emphasised the need for India to strengthen its manufacturing capabilities and expand its role in emerging technology sectors. Semiconductor manufacturing, technology sharing with China and the electric vehicle ecosystem could be among the key areas of cooperation.
Shastri said India is increasingly well positioned to participate in technology sharing, given its strengths in digital payments, information technology and pharmaceuticals.
He added that India needs to identify sectors where it can build globally competitive capabilities and emerge as a key supplier to countries across the Global South.
On the challenges facing India amid escalating geopolitical tensions and higher crude oil prices, Shastri echoed the government's approach of prioritising domestic economic interests while navigating global uncertainties.
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He said India has managed its diplomatic relationship with Russia effectively, despite the geopolitical complexities surrounding Moscow.
Shastri also stressed the need for greater market access for Indian businesses in China. While India seeks to deepen economic engagement with Beijing, he said China would need to adopt a more open approach towards Indian companies.
“China would have to relax their policies and open their market for Indian players as well,” he said.
He added that Indian manufacturers need to move beyond relying on domestic demand and actively seek opportunities in overseas markets.
The BRICS Summit comes at a crucial juncture for India as it seeks to strengthen trade and economic ties with emerging economies while balancing geopolitical challenges. For Indian businesses, greater access to BRICS-plus markets, technology partnerships and a stronger manufacturing base could be key to turning the grouping into a more meaningful platform for trade and investment.
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