New Delhi, September 12: BRICS countries have agreed to deepen cooperation in startups, digital infrastructure, artificial intelligence, emerging technologies and cross-border payments as part of the New Delhi Declaration adopted at the grouping’s 18th summit.
The declaration, adopted during India’s chairship, supports the creation of a BRICS startup incubator network and proposes consideration of a BRICS Startup Innovation Fund to encourage technology-driven entrepreneurship and innovation across member countries.
The grouping also called for strengthening initiatives such as the Startup Knowledge Hub and Startup Forum, while encouraging greater interaction between startups and small businesses from different BRICS economies.
Digital technology emerged as another major area of cooperation. BRICS countries proposed creating a Digital Public Infrastructure repository that could allow member states to share experiences and explore pilot projects based on digital public infrastructure and digital public goods.
The declaration also seeks greater involvement of young entrepreneurs and researchers.
A proposed virtual platform for BRICS youth startups could provide opportunities for networking, knowledge exchange and collaboration across member countries.On artificial intelligence, the grouping called for broader access to AI resources while stressing the importance of safety, security, inclusiveness and reliability.
Members also reaffirmed their commitment to implementing the BRICS Leaders’ Statement on the Global Governance of Artificial Intelligence.
BRICS countries further identified areas such as quantum technologies, Industry 4.0, robotics and advanced digital manufacturing for greater cooperation. The focus is aimed at using emerging technologies to support economic growth, scientific research and social development.
Improving international payments was another key priority. The BRICS Payment Task Force is examining ways to improve interoperability between payment and financial messaging systems and promote the use of local currencies in trade and investment.
The declaration calls for cross-border payment arrangements that are faster, more affordable, accessible, transparent and secure, while recognising that individual member countries may adopt different approaches.
The grouping also placed emphasis on improving access to finance for micro, small and medium enterprises (MSMEs), particularly businesses involved in exports.
BRICS supported the development of credit assessment frameworks that use a wider range of relevant data to help improve risk evaluation and access to formal financing.The declaration also welcomed the Jaipur Consensus, which proposes examining an invoice discounting mechanism for BRICS members.
Such an arrangement could help businesses unlock working capital against unpaid invoices and improve their ability to participate in international trade.
BRICS countries further called for greater digitisation of trade documentation and closer cooperation on trade facilitation and global value chains.
Taken together, the proposals reflect an effort by BRICS to make economic cooperation more practical by connecting entrepreneurs, improving digital systems, supporting smaller businesses, facilitating international payments and promoting collaboration in emerging technologies.
