AGP Executive Report

BRICS Summit Diplomacy: India steered the 18th BRICS summit to adopt the New Delhi Declaration after last-minute Iran-UAE language compromises, calling for “maximum restraint” in West Asia, protecting civilians and civilian infrastructure, backing Palestinian statehood, and opposing unilateral tariffs and sanctions while stressing dialogue and diplomacy. Energy & Trade Shock: The declaration also highlights energy security and supply-chain continuity as West Asia tensions and shipping risks keep pressure on global trade. West Asia De-escalation Talks: Iran’s President Masoud Pezeshkian met Abu Dhabi Crown Prince Khaled on the BRICS sidelines, both backing de-escalation and stability. Central Banking Watch: RBI MPC will reassess growth and inflation in October as crude prices rise, with the pass-through to consumers a key variable. Bangladesh SME Credit: Bank Asia will lend to cottage, micro, small and medium enterprises at 9% under Bangladesh Bank’s Tk 5,000 crore working-capital refinance fund. Ukraine War Costs: Russian strikes are crippling Ukraine’s economy, with Kyiv warning GDP could fall 1.5 points in 2026 and export revenue losses near $40B. ASEAN Energy Planning: Philippines trade chief says an ASEAN oil stockpile study could be ready by November, aiming to cushion fuel-price spikes.

BRICS Summit in New Delhi: India hosts the 18th BRICS leaders’ meeting as the bloc tries to align on trade, investment and “resilience, innovation, cooperation and sustainability,” but West Asia tensions (Iran vs UAE) are complicating the joint statement. Diplomacy & Defence: PM Modi met Malaysia’s Anwar Ibrahim and Iran’s Masoud Pezeshkian, stressing ASEAN-India ties, defence and safe navigation amid conflict. ASEAN at BRICS: Philippines President Marcos Jr arrived to represent ASEAN priorities, while Malaysia pushes renewable energy and connectivity via IMT-GT and the ASEAN Power Grid. Business & Markets: India’s FinTech is shifting toward profitability and governance; meanwhile, investors are growing wary of Indian equities. Trade Corridors & Logistics: Typhoons are snarling Asian ports, delaying vessels and raising freight pressure. Regional Deal-Making: A new China-Pakistan business center in Beijing aims to boost cross-border trade and investment. Energy Watch: APEC ministers agreed to strengthen energy security cooperation as crude prices and AI-driven power demand rise.

BRICS Diplomacy: PM Narendra Modi met Russia’s Vladimir Putin and Iran’s Masoud Pezeshkian in New Delhi on the sidelines of the 18th BRICS summit, pushing dialogue on West Asia and stressing freedom of navigation and seafarer safety as conflicts disrupt trade. Trade & Shipping: Modi urged BRICS to remove top trade barriers, scale startups and build new business partnerships, while UN chief António Guterres backed the same navigation principle amid food and fertiliser risks. Market Shock: Asian markets slid as oil jumped and Fed hike bets rose; South Korea’s KOSPI broke below 7,000, dragging tech and industrial stocks. Energy Deals: Germany and the UAE signed new energy cooperation pacts, including offshore wind and LNG supply plans into the early 2030s. Clean Hydrogen Push: Amogy and LOTTE Fine Chemical signed an MOU to advance ammonia-to-hydrogen and ammonia-to-power solutions in South Korea. Regional Finance: Uzbekistan ranked second in Central Asia for IMF loans, highlighting pandemic-era borrowing and ongoing debt obligations. Business Skills: TP Philippines added AI literacy to its STEP employability program, partnering with CyberGuardiansPH to train near-hires for IT-BPM roles.

BRICS Summit 2026: India pushed for more resilient trade inside BRICS, urging payment-system links, local-currency deals and simpler rules at the BRICS Business Forum in New Delhi as leaders also weigh West Asia and Ukraine risks. India–China Reset Watch: Xi Jinping’s first India trip since 2019 is set to test the diplomatic thaw, with business leaders betting on faster bilateral trade even as border tensions linger. Central Asia Pivot: South Korea will host its first Korea–Central Asia Summit in Seoul next week, aiming to deepen cooperation on critical minerals, energy and supply-chain diversification. Islamic Finance Drive: EDB and IsDB Institute plan a Central Asia-focused platform to attract Islamic capital via the Astana International Financial Centre. Oil Shock Risk: Brent back above $100 is stoking inflation and growth worries for India, with economists warning each $10 rise could shave GDP growth. ASEAN Climate Stress: El Niño is flagged as a bigger inflation threat than a growth hit for ASEAN, mainly through food prices. Malaysia AI/Data Centres: Malaysia is positioning itself as a hyperscale and AI compute hub as Singapore constraints redirect investment, with electricity supply deals already secured for major projects. Startup/Deals: Popo Global raised ₹532 crore from Artal Asia to scale its restaurant brands across India.

West Asia Oil Shock: Brent surged above $105 a barrel on renewed attacks and Strait of Hormuz supply fears, lifting WTI and raising inflation worries across Asia, including higher India crude import costs. BRICS Summit Focus: India is hosting a two-day BRICS summit with leaders including Xi and Putin, aiming to keep the bloc aligned with Global South priorities like food, energy and supply-chain security amid geopolitical strain. India-Russia-Iran Diplomacy: Modi will meet Putin and Iran’s Pezeshkian as West Asia escalation and Ukraine peace efforts shape India’s strategic balancing. Payments Upgrade: DBS Bank India expanded DBS MAX with Juspay-powered merchant collections, adding smarter routing and a unified dashboard across gateways and methods. Malaysia Energy Buffer: RHB IB says Malaysia’s premium crude grades can cushion volatility, with only modest inflation impact even if Brent eases. UAE-Germany Deal: The UAE plans €40 billion investment in Germany across tech, AI, digital infrastructure and energy, including a new investment council and strategic dialogue. ASEAN AI Push: Malaysia’s deputy minister urged firms to move from consuming AI to building scalable solutions for ASEAN via stronger digital foundations. Central Asia Buildout: Tajikistan has started construction of the Dushanbe Tower, targeting 340m and a new skyline landmark. BRICS Pay: BRICS Pay plans to link India’s UPI with Russia’s FPS via an MoU, enabling faster cross-border transfers in local currencies. Corporate Moves: Constellation agreed to buy Shell’s Rhode Island State Energy Center for $715m, adding a 609MW gas-fired asset to its merchant portfolio.

BRICS Watch: India hosts the expanded BRICS summit in New Delhi on Sept 12-13, with Xi, Putin and Iran’s Pezeshkian among expected leaders, as the bloc tries to turn big membership into practical trade, energy and tech cooperation. China-India Business Gap: Xi’s India visit may thaw diplomacy, but firms still report stalled investment from regulations, visa delays and industrial-equipment restrictions. Oil Shock & Markets: Brent stays above $100 amid West Asia shipping risks around the Strait of Hormuz, pressuring Asian equities and raising inflation worries. Malaysia Digital Push: Malaysia’s next digital phase should move beyond connectivity to AI-driven public services and business value, with ministers urging homegrown innovation. ASEAN Digital Dialogue: Malaysia’s Fahmi Fadzil backs M360 ASEAN as a neutral space for governments and industry to align on the region’s digital future. Korea Recovery: South Korea shows clearer economic recovery signals, with plans to revamp steel and expand housing in business zones. China Business Confidence: AmCham Shanghai reports a rebound in member confidence and profitability, alongside improved views of regulatory transparency. Aviation Capacity: EgyptAir is set to add fifth-freedom flights on the Singapore–Sydney route, boosting competition on a premium long-haul corridor. Hiring Outlook: ManpowerGroup sees stronger Q4 hiring intentions across APME, led by India. Energy Finance: EIG closes its Senior Infrastructure Debt Fund VI at $1.9bn, nearly doubling the prior fund size.

Geopolitics & Trade Risk: A top US diplomat in Taipei warned that any Taiwan Strait conflict could shock the global economy more than WWII by disrupting semiconductors and a $2.4tn goods corridor. Energy & Inflation Pressure: Malaysia’s ringgit softened as Brent pushed toward $100 amid West Asia uncertainty, raising inflation and tightening-rate fears; analysts also flag a looming diesel crunch as war-driven supply losses drain refining capacity. ASEAN Digital Trust: ASEAN leaders are urged to move from connectivity to “digital trust,” with calls for a regional anti-scam intelligence exchange to help regulators, banks, telcos and platforms share fraud signals faster. ASEAN-India Cooperation: India and Thailand discussed boosting trade and investment and reviewing AITIGA, while Malaysia’s agriculture minister highlighted ASEAN-India R&D, tech transfer and value-chain ties. Business & Investment Moves: MBK Partners is set to acquire Japan’s Sharingtechnology; Malaysia launched a Marriott-led “Destination Convention Malaysia” platform to attract business events, citing RM3.98bn impact from 416 scheduled 2026-2030 events. Governance Snapshot: The Philippines ranked 59th in the 2026 Chandler Good Government Index, strongest in financial stewardship (32nd).

ASEAN–EU Trade Outlook: A new EU-ASEAN Business Council survey says 78% of EU firms expect more trade and investment in ASEAN over the next five years, but US tariff uncertainty and regulatory friction remain big worries. Digital Trust & Anti-Scam: Axiata’s Thomas Hundt backs an ASEAN-wide anti-scam intelligence exchange to help banks, telcos, regulators and platforms share signals faster. Money Laundering Compliance: Sri Lanka’s central bank says lawyers filed only two suspicious transaction reports in six years, urging the Bar Association to plug compliance gaps. BRICS & India–Global South Trade: Philippines President Marcos will attend the BRICS summit in India as ASEAN chair, while India’s exporters want BRICS to deliver faster customs, fewer non-tariff barriers and easier payments. Oil Shock & Markets: Fresh US–Iran strikes push Brent toward $100, stoking inflation fears and weighing on Asian equities and India’s bond market. Indonesia Productivity Push: Indonesia warns against a cheap-labor growth model, urging higher productivity, innovation and stronger institutions to avoid the middle-income trap. Malaysia Finance Move: Bandhan Bank launches Mastercard credit cards in four variants. Energy Transition in Central Asia: Kazakhstan advances renewable and storage plans, including a green corridor with Azerbaijan and Europe.

Singapore Tourism & Sports Push: PM Lawrence Wong put Greater Sentosa and Pulau Brani on the national agenda, with new attractions, a resort, land reclamation and a people-mover system to boost visitor capacity. Macau Local SME Boost: Zape’s WTT table tennis pop-up carnival runs through Sunday, using “ticket-stub economy” tactics to turn tournament footfall into spending for nearby merchants. Aviation & Trade Links: Arkia will launch a direct Tel Aviv–Manila route from Jan 3, 2027, aiming to tap renewed long-haul demand in the Philippines. Central Asia Connectivity: The SCO summit in Bishkek urged deeper transport and digital integration across Eurasia, backing the Middle Corridor and China’s BRI logistics push. Malaysia Trade Momentum: MATRADE said Malaysia’s exports rose 29.2% in the first seven months of 2026, led by E&E and semiconductor/AI infrastructure demand. Bangladesh Tariffs & LDC Graduation: A World Bank study warns Bangladesh could gain up to $4b from tariff cuts and FTAs, but could lose $1.1b if trade preferences end without replacements. Hong Kong Leadership: Tung Chee-hwa, the first HKSAR chief executive, died at 89. Energy & Grid Analytics: Bidgely will showcase AI smart-meter analytics at Enlit Asia 2026 to help utilities cut bill shock, curb energy theft and improve grid planning.

China Trade Surge: China’s exports jumped 25% in August on AI-driven demand for semiconductors and computing hardware, while imports rose 28.2%, keeping the surplus momentum ahead of a potential Trump-Xi meeting. ASEAN Clean-Tech Demand: Ember says ASEAN has spent $20bn+ on Chinese clean-tech in 2026 so far—batteries, EVs, grid gear and solar—50% higher than last year, making Southeast Asia a key export frontier. AI Power Crunch: JLL warns Asia-Pacific data centre capacity could nearly double to 57 GW by 2030, forcing utilities to rethink power planning as grid bottlenecks stretch. Geopolitics & Markets: Yen strength and renewed Iran threats pushed Brent above $97, leaving Asian investors cautious ahead of US inflation data. Logistics & Automation: Nowaste Logistics is rolling out Swisslog AutoCase/AutoStore automation to speed FMCG and e-commerce fulfilment. Regional Business Links: Cambodia’s diplomat to Romania held talks with Bucharest’s chamber to set up supply and distribution channels for Cambodian food and staples into Europe. Hiring Mood in Singapore: ManpowerGroup finds employers are more selective in Q4, with headcount plans mostly steady.

AI Identity Security: Saviynt kicks off a 12-city UNLOCK 2026 roadshow on AI identity security with AWS, arguing AI systems often get broader access than humans and pushing new governance for AI agents and machine identities. Gulf & Trade: Sharjah says it pulled in 142 foreign investment projects worth $2.1bn in 2025 and will target tech, manufacturing, logistics and clean energy, including deeper outreach to India. Macau Diversification: Dora Ng reiterates Macau’s goal to lift non-gaming value-added to about 60% of GDP by 2030 under its 2026-2030 plan. India Macro & Space: The IMF’s Nigel Clarke tells Nirmala Sitharaman India’s growth resilience stands out despite West Asia risks, while ISRO chief V Narayanan insists reforms won’t privatise ISRO. BRICS Finance: Ahead of the Sept 9-10 Mumbai finance track, Sitharaman reviews BRICS Finance priorities under “resilience, innovation, cooperation and sustainability.” Deals & Payments: udaan to buy Swiggy’s LYNK Logistics for Rs 500 crore; Nomba secures a $3m debt facility to scale cross-border payments. Energy Shock Watch: Analysis highlights how Strait of Hormuz disruptions can hit Asia even with supplier diversification, with Pakistan’s GCC-heavy fuel exposure flagged.

Aviation & Trade Tech: Malaysia is hosting the 61st Asia-Pacific civil aviation directors’ conference (Sept 7-11) with “Smart Skies” as the theme, focusing on safe, secure, sustainable growth and how emerging tech and digitalisation can strengthen regulation and resilience. Media & APEC Prep: China’s Shenzhen hosted the Asia-Pacific Media Forum ahead of APEC, drawing 400+ reps from 42 countries; it launched a media partnership committee, a digital-smart media intelligence center, and the “Shenzhen Consensus” push for shared prosperity. Cross-border Logistics: FedEx says AI and remote monitoring are being rolled into ground networks to improve 24/7 cross-border freight efficiency as the Johor-Singapore SEZ integration ramps up. Markets & Rates: Asian stocks tracked a cautious mood as oil rose on West Asia tensions and investors weighed the Fed path after strong US jobs data; India’s oil-and-gas outlook stays pressured by crude, costly LNG and weak marketing margins. Energy & Climate Risk: Nepal’s floods could drive major commercial insurance losses, with hydropower projects among the biggest claim areas. Regional Connectivity: A new report says air connectivity across Asia-Pacific and the Middle East rose 11% in 2025, led by Middle East growth. Central Asia Finance: Hong Kong’s leader touts the city as a “trusted partner” for Central Asia, citing new financing and deal activity.

Infrastructure & Land Acquisition: Kenya’s Mau Summit toll road design changes have triggered emergency land purchases via “early entry,” with new interchanges and bridges/underpasses driving extra compulsory acquisitions across Kiambu, Nakuru and Nyandarua. Regional Finance: Qatar will host the AIIB’s 111th Annual Meeting (Sep 28-29) as the bank pushes sustainable infrastructure and private-sector financing. Macro & Energy: The global economy is caught between an oil shock that threatens inflation and growth, and an AI investment boom that could lift productivity—an IMF “tug-of-war” framing with Asia facing a particularly mixed outlook. AI & Data Infrastructure: MongoDB appoints Richard Scott as SVP for Asia Pacific and Japan, betting that the “data layer” is the key to moving AI from experiments to production. Middle East Trade/Finance: The US OFAC blacklisted Turkey’s Golden Global Yatirim Bankasi and two subsidiaries over alleged Iran-linked shadow banking, escalating sanctions pressure. Construction Materials (India): Saint-Gobain targets at least 100 plants in India over five years, aiming to scale sustainable building materials. Tourism Cooperation: East Asia destinations are urged to grow the regional tourism market together via “coopetition,” not just compete for the same visitors. Airline Costs (Taiwan): EVA Air will raise excess baggage and other international baggage fees from Sep 29, citing higher fuel and operating costs.

Central Banking & Energy Risk: Malaysia kept its OPR at 2.75% as inflation stays contained, but warned fuel and price risks remain elevated amid the West Asia conflict and shipping-route disruptions. Nuclear Ambitions: Malaysia is laying groundwork for possible civil nuclear use, weighing who would drive the project—private firms or state energy giants—while building human-capacity plans with the IAEA. Oil Prices & Geopolitics: Crude rallied toward $100 as US-Iran tensions raised fears of Strait of Hormuz disruptions, pushing a geopolitical risk premium even without major supply losses. APAC Insurance: Fitch said competition and abundant reinsurance capacity are squeezing Asia-Pacific reinsurance margins in 2026, with pricing pressure likely to persist. AI & Data Centres: Google and TCS are moving ahead with large data-centre plans in India, including air-cooling approaches, as AI demand reshapes power and cooling needs. Regional Media Cooperation: Asia-Pacific media leaders in Shenzhen adopted the “Shenzhen Consensus,” pledging openness and digital transformation ahead of APEC. Tourism & Business Travel: PATA says Eatof could build a 10-stop East Asia journey to grow multi-destination travel and reduce single-destination competition. Trade & Investment: Turkey’s business council plans a Hong Kong delegation visit to deepen Belt and Road-linked trade and investment ties. Aviation Costs: EVA Air will raise excess baggage fees from Sept. 29, citing higher fuel and operating costs. South Asia Health: Colombo hosts the SAARC ENT Congress focused on more equitable access to ear, nose and throat care across the region.

APEC/Media Diplomacy: Xinhua released an Asia-Pacific communication report from the Shenzhen Asia-Pacific Media Forum, mapping how APEC narratives are evolving across 200,000+ items from 200+ outlets. EV Expansion: BYD says it will announce within a week its next Malaysia move, weighing local partnerships versus manufacturing. India Growth Politics: PM Modi defended India’s 7.8% GDP growth at SRCC, blaming “Fragile Five” critics for “not digesting the numbers,” amid West Asia and trade headwinds. India–China Security: Former CDS Anil Chauhan argued ties with Beijing can’t be “held hostage” to boundary issues, while calling for vigilance and clear agreements. Philippines Growth Outlook: UA&P expects the economy to rebound to above 4% growth in Q4 on infrastructure spending and demand. Regional Trade Push: Nigeria’s FG urged manufacturers to use the ECOWAS Trade Liberalisation Scheme to expand exports across 15 member states. SME/AI Use Case: A Guangdong-developed AI robotics system helped a Malaysian rubber processor cut labor costs 20–30% and boost efficiency. Cyber Risk (PH): A report highlights breach-disclosure strain in the Philippines, citing massive credential and records exposure in 2026. Cricket Economy Angle: India routed Pakistan for 55 in the Women’s Asia Cup, cruising to the target in 8.4 overs.

APAC Media Cooperation: The Asia-Pacific Media Forum opened in Shenzhen with Xinhua urging news groups to deepen cooperation and amplify the region’s voice ahead of APEC leaders’ talks in November, while a new Asia-Pacific Media Partnership organising committee was launched with Bernama as a founding member. Digital Trade Push: Vietnam rolled out “Beyond Vietnam – Vietnamese Goods Take Flight” to help firms build digital export and cross-border e-commerce capabilities. Cambodia-France Business Ties: Cambodia and France signed an MoU for a Cambodia-France Business Forum in Phnom Penh on Nov. 16-17 to connect investors and companies. Southeast Asia Crypto Funding: Blockchain funding in Southeast Asia hit $680m in 2026—more than double 2025—despite fewer rounds, led by a large Crypto.com raise. Regional Finance & Infrastructure: South Korea asked the US to cut tariffs on components for a Hyundai-POSCO electric arc steel plant in Louisiana, while Indonesia invited Russian investors to bid on 138 energy blocks. Energy/Geopolitics Watch: Russia said Putin ordered renaming the Sila Sibiri 2 pipeline to Sila Baikala as talks with China continue.