04 September, Xiamen (China)
Prime Minister Narendra Modi on Monday called for a greater cooperation between the BRICS member-nations for ensuring global stability and peace, in his address at the BRICS Summit plenary session.
Prime Minister Modi also asked for the creation of the BRICS rating agency to cater to the financing needs of the sovereign and corporate entities of the developing countries.
“I thank Chinese President Xi Jinping for the warm welcome. This meet will enrich our mutual understanding and perspective. After more than a decade of existence, the BRICS has developed a robust framework for cooperation; contribute stability and growth in a world drifting towards an uncertainty. Our endeavours today touch diverse areas of agriculture, culture, environment, energy, sports, and ICT,” the Prime Minister said.
“The BRICS nations are in a mission-mode to eradicate poverty; to ensure health, sanitation, skills, food security, gender equality, energy, education. Our Central Banks must further strengthen their capabilities and promote co-operation between the Contingent Reserve Arrangement and the IMF.”
Appreciating the thrust in people-to-people exchanges, PM Modi said that such inter-mingling would consolidate our links and deepen our understanding.
“BRICS was formed as an association of fast-growing large economies about a decade ago to advocate for the better representation for the developing countries and challenge the West-dominated world order that has prevailed since the end of World War II.”
“It soon achieved agreement to increase the share of voting rights for emerging markets in world financial bodies the International Monetary Fund and World Bank. It has also started operating its own development bank,” he added.
“The New Development Bank of BRICS has started disbursing loans in pursuit to mobilise sources of infrastructure and sustainable development in BRICS countries.”
Prime Minister Modi further said, “We need to mainstream our youth in our joint initiatives; scale up cooperation in skill development and exchange of best practices.”
Meanwhile, Chinese President Xi Jinping chaired the BRICS Summit plenary session and delivered an opening speech, in which he stressed on striking a balance between the speed of growth and quality of growth.
The focus needs to be on sustainable growth, the Chinese President said.
Jinping added that China would contribute a sizeable amount to the NBD project preparation facility to support the business operation in the long-term development of the bank.
Jinping said that the BRICS nations need to make economic globalisation open inclusive, balanced and beneficial to all, build and open an open world economy, support the multilateral trading regime and oppose protectionism.
Along with Prime Minister Narendra Modi, Foreign Secretary S. Jaishankar, National Security Advisor Ajit Doval, Secretary East Preeti Saran, and the High Commissioner of India to China, Vijay Gokhale were also present at the session.