Prime Minister Narendra Modi on Thursday said the members of the BRICS combine have a similar approach to the governance of global economy and mutual cooperation can make useful contributions to the post-Covid economic recovery.
Underlining this key factor at the 14th BRICS annual summit of heads of states, he also said in his opening remarks: “Our cooperation in several sectors has benefited our citizens.”
Brazil, China, Russia, India and South Africa form the BRICS grouping. China is hosting the current summit as the Chair for this year in the virtual format. India hosted the 13th summit last year.
The two-day event starting Thursday saw the participation of Chinese President Xi Jinping, Russian President Vladimir Putin, Prime Minister Modi, South African President Cyril Ramaphosa and Brazilian President Jair Bolsonaro.
In his remarks, Modi also said the structural changes undertaken in the BRICS in the last few years have increased the influence of the grouping.
“It is a matter of happiness that membership of the New Development Bank (NDB) has increased,” the Prime Minister said.
Highlighting co-operation between the BRICS nations, he also said “by increasing connectivity between BRICS Youth Summits, BRICS Sports, civil society organizations and think-tanks, we have strengthened our people-to-people connect.”
“Confident that the deliberations today will produce suggestions to
further strengthen our ties,” the Prime Minister said. Ukraine is likely to feature in the deliberations. China has refused to condemn Russia’s invasion while criticising sanctions brought against Moscow.
India and South Africa have abstained from voting against Russia in the United Nations. New Delhi has all along favoured dialogue and diplomacy to end the conflict.
In an address to the BRICS Economic Summit on Wednesday, Xi said the conflict in Ukraine has “sounded an alarm for humanity,” continuing its formal position of neutrality while backing its ally Russia.
Xi said imposing sanctions could act as a “boomerang” and a “double-edged sword,” and that the global community would suffer from “politicising, mechanising and weaponising” global economic trends and financial flows.
“Economic globalisation is an objective requirement for the development of productive forces and an irresistible historical trend,” Xi said.