The summit could also see discussion on long-term energy-supply agreements among major producers and importing countries, as well as measures to ensure the safe passage of vessels through the Strait of Hormuz, a critical waterway for global energy trade, experts said.
India and China, the world’s two largest oil-importing countries, are particularly vulnerable to disruption in traffic through the waterway.
“It is probable that long-term energy supplies and pricing will be discussed,” said Manas Majumdar, partner and leader at PwC India.
Majumdar said the use of local currencies for cross-border payments among Brics members could be discussed.
The issue was also on the agenda at last year’s Rio summit, where leaders called for greater use of local currencies in trade and financial transactions and backed efforts to develop payment mechanisms that could facilitate such transactions.
The summit is expected to discuss measures to strengthen resilient critical-mineral supply chains, expand battery storage deployment, and accelerate smart-grid digitisation, experts said.
Amit Bhargava, national leader (metals and mining), KPMG in India, said the event could provide India four key opportunities in critical minerals. These include securing supplies of minerals such as lithium, rare earths and nickel; accessing technologies for mining, refining, processing and recycling; facilitating India-focused joint ventures and investment; and developing integrated supply chains.
According to Rajib Maitra, partner & sector leader, Deloitte South Asia, India and Brics nations can collaborate to address challenges on deep-seated mineral exploration, beneficiation, and processing ore along with downstream value addition, particularly related to technology licensing and transfer and research partnerships in critical minerals such as rare earths.
“Recycling ewaste and tailings can also be enhanced through these partnerships,” he said.
Beyond securing resources and technologies, greater cooperation among Brics economies could also help accelerate the adoption of clean-energy solutions by enabling countries to share experiences and replicate successful models.
Company executives said forums like the summit mattered because they brought leaders and policymakers together to shorten that learning curve: An approach proven in one market or geography can be adapted, not reinvented, in another. “That’s the real dividend of this kind of cooperation — faster, cheaper learning for all economies,” said Bikesh Ogra, vice-chairman and global chief executive officer, Jakson Green.
Additionally, the summit will build a consensus on critical transportation. In July, the third Brics joint working group of ministers had issued a declaration outlining key areas of deliberation — Sustainability encompassing Circularity in Infrastructure, Sustainable Aviation Fuel, Transport Decarbonisation, and Urban Mobility; BRICS Logistics Supply-Chain Cooperation Framework; and BRICS Railway Research Network.
One of the outcomes is the Brics Urban Mobility Hub, aimed to facilitate knowledge exchange, capacity building, and technical cooperation on affordable, inclusive and smart urban transport, including mass transit, electric mobility and multimodal integration.
The Brics logistics Supply Chain Cooperation framework strengthens cross-sector transport logistics resilience and sustainability among Brics members. It promotes resilient and synergised manufacturing and logistics ecosystems, focusing on supply-chain integration, multimodal connectivity, and logistics coordination.
Brics countries collectively represent approximately 40 per cent of global gross domestic product and nearly 26 per cent of global trade in goods. With India focusing on improving its cities in a big way, the knowledge framework on transport decarbonisation, declared in July, is focused on the need to organise knowledge-exchange workshops covering electric mobility, low emission rail, multimodal freight systems, smart mobility solutions, sustainable shipping corridors, sustainable aviation, port and maritime infrastructure to support transport decarbonisation, energy transition, and integrated transport ecosystems.
Power play
- Experts said the summit could see discussions on:
1. Long-term energy supply agreements
2. Measures to ensure safe passage of vessels via the Strait of Hormuz
3. Use of local currencies for cross-border payments
4. Measures to strengthen resilient critical-mineral supply chains, expand battery storage deployment
- The summit also expected to deliberate and build consensus on critical transportation issues
