BRICS Summit: Prime Minister Narendra Modi addressed the BRICS Business Forum, on the sidelines of BRICS Summit in Brazil earlier today. The Prime Minister said that India is the world’s most open and investment friendly economy due to political stability, predictable policy and business friendly reforms. Speaking on the occasion, Modi observed that BRICS countries account for 50% of the world’s economic growth. Heads of states of other BRICS countries also addressed the Business Forum.
Modi expressed his wish that Intra-BRICS trade and investment targets be more ambitious and invited suggestions to further reduce the cost of trade between BRICS countries. He also suggested that by the next BRICS Summit at least five areas should be identified in which joint ventures can be formed between the BRICS countries on the basis of complementarities.
Union Minister of Commerce & Industry Piyush Goyal had previously said at the BRICS Summit that the global economy is facing grave challenges due to growing protectionism and trade tensions due to unilateral measures, and that this is hindering market access.
PM Modi noted, however, that despite global recession, BRICS countries accelerated economic growth, drove millions out of poverty, and achieved new breakthroughs in technology and innovation.
The Prime Minister also said that important initiatives such as innovation BRICS Network, and BRICS Institution for Future Network will be considered for discussions during the summit tomorrow. He requested the private sector to join these efforts focused on human resources. He further suggested that the five countries should consider a Mutual Social Security Agreement.
Modi also met Russian President Vladimir Putin at the Summit today, where they reviewed India-Russia relations. The Prime Minister said India and Russia are cooperating extensively in areas such as trade, security and culture, and that people from both nations will benefit due to close bilateral ties.