CNN-News18 BRICS Dialogues: China Must Open Up Economy For BRICS Bank To Work, Says Amitabh Kant

The BRICS Dialogue held by CNN-News18 on Friday put the spotlight on the future of the New Development Bank, popularly known as the BRICS Bank, and the larger question of whether the grouping can translate its growing economic weight into greater financial and commercial power. The NDB was established by BRICS countries to mobilise resources for infrastructure and sustainable development projects in emerging economies, offering an alternative source of financing beyond traditional multilateral institutions.

The discussion comes at a time when BRICS members are increasingly calling for stronger intra-group trade, greater use of national currencies and financial mechanisms that can reduce their vulnerability to disruptions in the global financial system.

Only a short distance away at Bharat Mandapam, Iranian President Masoud Pezeshkian made a similar case during the BRICS Business Forum, hosted by Prime Minister Narendra Modi and attended by Russian President Vladimir Putin and South African President Cyril Ramaphosa. Pezeshkian called for the New Development Bank to play a stronger role in financing infrastructure and energy projects, including through local-currency credit lines and guarantees. He also pushed for greater intra-BRICS trade and mechanisms to manage currency risks and facilitate reciprocal settlements.

Against that backdrop, former G20 Sherpa Amitabh Kant has made a sharper argument about what BRICS needs to do if the NDB is to become a genuinely significant institution.

Speaking during CNN-News18 BRICS Dialogues, Kant said China must open up its economy if the BRICS Bank is to play a “critical” and “significant” role. He argued that the question is closely linked to the structure of the global economy and the enormous weight of China in manufacturing, technology and critical supply chains.

Kant pointed to China’s dominant position in areas ranging from critical mineral processing and batteries to electric vehicles and clean-energy technologies. He argued that this gives Beijing a particularly important role in determining whether BRICS can build resilient economic partnerships among its members.

#BRICSDialogues | Amitabh Kant says China must open its market to BRICS nations to strengthen trade and economic cooperation within the bloc #BRICS #BRICSSummit #BRICS2026 #BRICSIndia2026 #IndiaBRICSChairship #CNNNews18 | @amitabhk87 pic.twitter.com/zqmMPHotC8

— News18 (@CNNnews18) September 11, 2026

But Kant’s central criticism was about the imbalance in trade within BRICS. He said China remains heavily export-oriented and argued that other BRICS countries need greater access to the Chinese market. He specifically cited difficulties faced by Indian pharmaceutical and drug manufacturers in exporting to China, pointing to what he described as non-tariff barriers.

“China doesn’t allow exports. I mean, look at the BRICS countries. China is only an exporting country. It doesn’t allow imports, even from BRICS countries. India’s drug and pharmaceutical manufacturers find it impossible to export to China because they put up non-tariff barriers. So, if the BRICS Bank has to play a critical role, the Chinese economy has to open up,” Kant said.

The argument also follows a broader discussion on the need to diversify global trade and supply chains. ITPO Chairman Javed Ashraf, speaking earlier during CNN-News18 BRICS Dialogues, had highlighted the changing nature of geopolitical and economic relationships, saying countries such as those in South America and Africa are attracted to BRICS because they want more resilient economies without necessarily having to choose sides.

Ashraf had also pointed to the imbalance in India-Russia trade, with Russia buying considerably less from India than India imports from Russia, underlining the wider challenge of making BRICS economic relationships more reciprocal.