The BRICS member countries have a similar approach to global economic governance, and mutual cooperation can help the post-Covid economic recovery, Prime Minister Narendra Modi said on Thursday.
The Prime Minister made this statement during his opening remarks at the virtual BRICS annual summit, which was attended by President’s Xi Jinping of China, Vladimir Putin of Russia, and high leaders from Brazil and South Africa. China is hosting the conference this year as the Chair.
Five of the major developing nations are represented by the BRICS (Brazil, Russia, India, China, and South Africa), accounting for 41% of the world’s population, 24% of its GDP, and 16% of its commerce.
In his remarks, PM Modi stated that “our mutual partnership can make a useful contribution to the global post-COVID recovery.”
He stated that the structural adjustments made by the BRICS in recent years improved the grouping’s power.
The New Development Bank’s (NDB) expanding membership is a subject of delight, PM Modi said, adding that cooperation among the member nations has benefited their citizens.
He expressed confidence that the ideas generated by today’s discussions will help to fortify our relationships even further.