BRICS members have a similar approach to governance of the global economy: PM Modi

BRICS member states have a similar approach to managing the global economy and working together can make a useful contribution to the economic recovery after Covid, Prime Minister Narendra Modi said on Thursday.

The prime minister said this in his opening address at the virtual BRICS annual summit in the presence of Chinese President Xi Jinping, Russian President Vladimir Putin and top leaders from Brazil and South Africa. This year’s summit will be hosted by China as chairman.

The BRICS (Brazil-Russia-India-China-South Africa) brings together five of the largest developing countries in the world, representing 41 percent of the world’s population, 24 percent of global GDP and 16 percent of world trade.

“Our mutual collaboration can make a useful contribution to the global recovery after Covid,” said Modi.

He said the structural changes made to the BRICS in recent years have increased the group’s influence.
It is a matter of luck that New Development Bank (NDB) membership has increased, Modi said adding cooperation between member states has benefited their citizens.

“I am confident that our deliberations today will provide suggestions for further strengthening our ties,” he said.

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