BRICS looks to strengthen trade and digital payment links

BRICS is emerging as a platform for greater cooperation among developing economies in areas including artificial intelligence (AI), trade, investment and cross-border financial connectivity, experts said during the summit on Saturday.

Economist Rajiv Sahoo said India and Russia have complementary strengths that could support deeper economic engagement. He noted that India has strengths in areas such as food products, petroleum products and refining, while Russia has capabilities in defence, technology and other strategic industries.

India-Russia cooperation and wider BRICS trade

Sahoo said discussions within BRICS have highlighted the importance of cooperation among India, Russia and China, which could contribute to a more diversified global trade framework.

He also described Chinese President Xi Jinping's visit to India as a positive development that could help address long-standing bilateral issues and support improved relations between the two countries.

The discussions come as BRICS countries seek to strengthen economic cooperation and build greater connectivity among emerging economies.

AI cooperation among developing economies

Artificial intelligence was another key area of discussion at the summit.

Egyptian AI expert Ahmed Gamal said BRICS could provide a platform for technological cooperation and innovation among developing economies. He described India as a rapidly emerging global AI hub and said there is significant scope for collaboration between India and Egypt in the sector.

According to Gamal, continued dialogue among BRICS countries could support joint projects, research partnerships and knowledge-sharing initiatives.

He also said the global technology landscape is moving beyond generative AI towards agentic AI, which could transform workplaces and improve productivity across sectors if governments and industries adopt the technology effectively.

Trade, supply chains and digital payments

ASSOCHAM President Nirmal K Minda welcomed India's leadership in advancing what he described as a pragmatic and future-ready BRICS agenda.

From an industry perspective, Minda said the summit's focus on trade and investment, supply-chain strengthening, local-currency settlements, digital transformation, AI, energy security and sustainable development could contribute to a more inclusive and resilient global economic architecture.

Financial connectivity was also discussed during the summit.

BRICS Business Council head Andrey Mikhaylishin said the proposed BRICS Pay framework aims to connect the national payment systems of member countries. He said the initiative could act as a bridge between domestic payment networks, making cross-border transactions more seamless for travellers and businesses.