BRICS must boost development goals of G-20: Modi

news
16 November 2015

Prime Minister Narendra Modi said the BRICS (Brazil, Russia, India, China and South Africa) group must prioritise on the development agenda and activities of G20.

Speaking to the leaders of the BRICS  group on the sidelines of the G-20 meet in Turkey, Modi said he expected the group to remain stable and in order to remain a source of strength for the global economy.

He said the economic initiatives of the BRICS would not not only strengthen the group's own economies, but also benefit the developing world.

He said the G20 must prioritse on effective implementation of the Sustainable Development Agenda 2030 and ensure adequate funding for it.

In the area of global finance, the G20 should focus on the implementation of the decisions to restructure global economic institutions with greater collaboration between multilateral and regional financial institutions and called for enhanced long-term finance for infrastructure in developing countries.

Modi said it was imperative to develop next generation climate resilient infrastructure, including converting waste into inputs for infrastructure.

He said th group should work towards lowering the cost of global remittances well before 2030  and wanted close coordination on preventing corruption and cooperation on freezing of unaccounted money hoarded abroad, with easier repatriation of such funds.

On trade, he said the group should focus on strengthening rule-based global trading system and ensure that new trading blocs do not lead to division of the global trade regime. He also highlighted the need to speed up the completion of the Doha Development Agenda.

Modi also said the G-20 should focus on promoting greater mobility of skilled professionals and creating a global skill force market.

In the area of climate change, he said G20's priorities should include:

  • A successful outcome at the Conference of the Parties (COP21) based on the principles of UN Framework Convention on Climate Change, including the principle of common but differentiated responsibilities.
  • Facilitate climate finance and technology transfer to developing countries.
  • Enhance research and development on clean and renewable energy to increase access, efficiency and affordability of clean energy.
  • Support development of next generation and climate resistant infrastructure.
  • Support the India-proposed international solar alliance.

He said the Strategy for BRICS Economic Cooperation, which was endorsed in Ufa, is an important framework document. The Contact Group on Trade and Economic Issues and Business Council should prepare a Work Plan for implementation of the Strategy in a time-bound manner.

"Each BRICS member country should take the lead in at least two priority areas listed in the strategy," he said. "It would be appropriate if the first joint meeting is held during the Russian Chairmanship.The joint sitting may also work on a Roadmap for Trade, Economic and Investment Cooperation till 2020.

Modi expressed the hope that the New Development Bank would start its operations quickly. "As I said in Ufa, its first project should be on clean energy, preferably across all BRICS countries."

"We need to create a supporting mechanism, such as a New Development Bank Institute or NDBI, which should function as bank of ideas, a storehouse of experience and a knowledge powerhouse. It can also provide inputs for the Contingency Reserve Arrangements."

He assured the BRICS leaders that India will continue to work closely with other BRICS partners in the spirit of mutual trust, respect and transparency.





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