BRICS is a multilateral forum consisting of five major emerging economies of the world, namely Brazil, Russia, India, China and South Africa
The BRICS members have a similar approach towards governance of the global economy and mutual cooperation can make a useful contribution to the global post-COVID recovery,” said Prime Minister Narendra Modi in his opening remarks at the virtual 14th BRICS annual summit on Thursday.
Chinese president Xi Jinping, Russian president Vladimir Putin and top leaders of Brazil and South Africa were present on the occasion.
The BRICS leaders met virtually in the backdrop of the Ukraine crisis and the prolonged military standoff between India and China in eastern Ladakh. China hosted the summit in its capacity as the chair for this year.
“Our mutual cooperation can make a useful contribution to the global post-COVID recovery,” Modi said. He said the structural changes undertaken in the BRICS in the last few years has increased the influence of the grouping.
In his address, he highlighted multiple areas of cooperation between BRICS nations. This includes an increase in connectivity 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 become a platform for discussing and deliberating on issues of common concern for all developing countries. BRICS countries have regularly called for reform of the multilateral system in order to make it more representative and inclusive.
It is a matter of happiness that membership of the New Development Bank (NDB) has increased, Modi said adding cooperation among the member countries has benefitted 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.
BRICS is a multilateral forum consisting of five major emerging economies of the world, namely Brazil, Russia, India, China and South Africa. Together they represent 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.
With input from agencies