Ambassador Denis Alipov cited progress on cross-border payments, a grain exchange, and a new investment platform

India has advanced key BRICS initiatives backed by Russia, including cross-border payments, a proposed grain exchange, and a new investment platform, Russian Ambassador to India Denis Alipov said ahead of the summit of the bloc's leaders in New Delhi.

New Delhi holds the rotating BRICS chairship this year and is hosting the 18th leaders' summit starting Saturday. Russian President Vladimir Putin arrived in the Indian capital on Friday and is due to hold talks with Prime Minister Narendra Modi, as well as address the BRICS Business Forum.

"We have moved forward on various tracks and projects that were proposed by previous chairs and by us in 2024 when we presided over BRICS," Alipov told the ANI news agency ahead of the summit.

Among the Russian-backed proposals are a BRICS grain exchange, mechanisms to facilitate cross-border payments, and a new investment platform. Alipov said this week that work is also continuing on BRICS Clear, a proposed settlement and depository mechanism, and shared reinsurance capacity.

India has meanwhile put forward initiatives of its own, including cooperation on smart grids and energy storage, a startup innovation hub, an incubator network, and a logistics and supply-chain framework, Alipov said.

The agenda reflects a broader effort within BRICS to deepen economic and financial cooperation alongside its political and security work. Alipov said the grouping is also discussing trade and investment, a greater role for national currencies in settlements, energy, healthcare, artificial intelligence, science, and innovation.

More than 350 meetings and high-level engagements have been held across over 25 Indian cities under New Delhi's presidency this year.

The discussions have covered the group's three main areas of cooperation: political and security issues, economic and financial ties, and cultural and people-to-people exchanges.

India assumed the chairship on January 1, having previously led BRICS in 2012, 2016, and 2021. "On all these tracks we have progressed," Alipov said, describing India's chairship as a "huge success" and adding that the summit would confirm it.

(RT.com)