BRICS summit: Cooperation between member countries can help global post Covid recovery, says Modi

Addressing the 14th BRICS summit on Thursday PM Modi said that member nations - Brazil, Russia, India, China and South Africa- of the grouping have a similar approach regarding the governance of the global economy.

New Delhi: Prime Minister Narendra Modi addressed the 14th BRICS summit on Thursday and said that member nations - Brazil, Russia, India, China and South Africa- of the grouping have a similar approach regarding the governance of the global economy.

"BRICS members have a similar approach regarding the governance of the global economy. Our mutual cooperation can make a useful contribution to the global post-Covid recovery," PM Modi said in his virtual address. The 14th BRICS summit is being hosted by China in a virtual mode. Prime Minister Modi in his address 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 further. 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.

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 PM 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.