Finance
“The BRICS members have a similar approach to global economic governance, and mutual cooperation can make a valuable contribution to the global post-COVID recovery,” Prime Minister Narendra Modi said in his opening remarks at the virtual 14th BRICS annual summit on Thursday.
The event was attended by Chinese President Xi Jinping, Russian President Vladimir Putin, and top leaders from Brazil and South Africa.
The BRICS leaders met virtually against the backdrop of the Ukraine crisis and India’s and China’s protracted military standoff in eastern Ladakh. In its capacity as this year’s chair, China hosted the summit.
“Our mutual cooperation can contribute to the global post-COVID recovery,” Modi said. He claimed that the BRICS’ structural changes over the last few years have increased the grouping’s influence.
In his speech, he emphasized various areas of cooperation among the BRICS nations. This includes improved communication between BRICS Youth Summits, BRICS Sports, civil society organizations, and think tanks.
“There are multiple areas wherein through cooperation between BRICS nations, the citizens have benefitted. By increasing connectivity between BRICS Youth Summits, BRICS Sports, civil society organizations and think-tanks, we’ve strengthened our people-to-people connect,” he said.
BRICS has evolved into a forum for debate and deliberation on issues of common concern to all developing countries. The BRICS countries have repeatedly called for multilateral reform to make it more representative and inclusive.
The increased membership of the New Development Bank (NDB) is a source of joy for Modi, who added that cooperation among member countries has benefited their citizens.
“I am confident that our deliberations today will produce suggestions to further strengthen our ties,” he said.
Earlier, on Wednesday, the prime minister underlined the role of BRICS countries amid the global focus on post COVID recovery at the opening ceremony of the BRICS Business Forum.
“BRICS was established with the belief that this group of emerging economies could emerge as engines of global growth. Today, when the world is focusing on post-COVID recovery, the role of BRICS countries will be very important,” said Modi in a recorded keynote speech.
“India supports innovation across every sector including drones, green energy and space. By 2025, India’s digital sector value will cross USD 1 trillion valuations,” he said.
The prime minister noted that this year India is expecting 7.5 per cent growth. “Which makes us the fastest-growing major economy. Transformative changes are taking place in every sector of emerging New India,” he added.
