Harvansh Chawla, Chairman of the BRICS Chamber of Commerce and Industry (CCI), told India Today magazine on July 2 that the BRICS members states have decided that the BRICS’ New Development Bank (NDB) should be geared up to provide credit to businesses in the BRICS nations in local currency, in light of the U.S. trade war. The BRICS CCI is a BRICS-wide body, but its leadership is largely from India, as in the case of its current Chairman Chawla.
Indian Prime Minister Narendra Modi’s participation in the BRICS Summit in Rio on July 6-7 has a “huge significance,” Chawla told the India Today reporter. “This is the right platform where the countries can insulate themselves, get together, and figure out the way to deal with the U.S. tariff trade war.” He also emphasized that India will chair the BRICS in 2026.
