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Wednesday, December 11, 2019

BRICS 2019: PM Modi calls for counter-terror cooperation, woos business leaders to invest in India

During his meeting with Brazilian President Jair Bolsonaro, PM Modi invited him to be the chief guest at the Republic Day 2020. Bolsonaro accepted the invitation with pleasure. The Prime Minister was also invited for the Victory Day celebrations in Moscow by Russian President Vladimir Putin.

By: Express Web Desk | New Delhi | Updated: November 14, 2019 8:23:16 pm
Brasilia: Prime Minister Narendra Modi addresses the BRICS Business Forum, on the sidelines of BRICS Summit, in Brasilia, Brazil, Wednesday, Nov.13, 2019. (PIB/ PTI Photo)

Prime Minister Narendra Modi met the leaders of the four major emerging economies in the world – namely Brazil, Russia, China and South Africa – in Brasilia during the 11th BRICS Summit Wednesday calling for closer cooperation in areas such as counter-terrorism, trade and culture to bolster ties and formulate a common response to global issues. The two-day long summit, with the theme ‘Economic Growth for an Innovative Future’, is slated to conclude Thursday.

During his meeting with Brazilian President Jair Bolsonaro, PM Modi invited him to be the chief guest at the Republic Day 2020. Bolsonaro accepted the invitation with pleasure. The Prime Minister was also invited for the Victory Day celebrations in Moscow by Russian President Vladimir Putin.

Leaders of the BRICS group of emerging economies, during the deliberations, unanimously criticised what they view as politically motivated protectionism at a time of a global slowdown and said their countries are doing their best to counter the trend. This formed the backbone of the discussions at the summit.

Here are the major takeaways from the BRICS summit 2019:

PM Modi woos business leaders to attract foreign investment

In the backdrop of a slowing economy back home, PM Modi made a strong pitch to woo BRICS business leaders for foreign investment in India. He said India is the world’s most open and investment-friendly’ economy and urged the business community to invest in the country’s infrastructure development.

EXPLAINED | What BRICS means for India in the global order

“India is the world’s most open and investment-friendly economy due to political stability, predictable policy and business friendly reforms,” Modi was quoted as saying by PTI.

“BRICS countries account for 50 per cent of the world’s economic growth. Despite the recession in the world, BRICS countries accelerated economic growth, drove millions out of poverty and achieved new breakthroughs in technology and innovation. Now ten years after the founding of BRICS, this forum is a good platform to consider the direction of our efforts in the future,” Modi said.

Addressing the closing ceremony of the BRICS Business Forum, PM Modi also thanked the Brazilian President Bolsanaro for his government’s decision to allow Indian nationals a visa-free entry in his country.

Days after abstaining from joining RCEP, Modi and Xi discuss multilateral issues

A month after his informal interaction with Chinese President Xi Jinping in Mahabalipuram, PM Modi met Jinping on the sidelines of the BRICS summit Wednesday and underlined that there has been a “new direction and new energy” in bilateral ties as the two leaders deliberated on measures to strengthen Sino-Indian relations.

The meeting between Modi and Xi in the Brazilian capital comes days after India announced that it does not seek to join the Regional Comprehensive Economic Partnership (RCEP) free trade agreement, which is backed by China.

“When I look back, we had met for the first time in Brazil itself… our journey began. The journey of unknown people has today turned into a close friendship. We have since then met in many forums, bilaterals, you visited my home state, took me to your village, you came to receive me outside Beijing in Wuhan…. It is such a significant thing that within the five years, there have been so much trust and friendly relations… As you said and I believe that our meeting in Chennai gave our journey a new direction and new energy. Without any agenda, we talked about each other’s issues, global situations… these have been very successful,” Modi was quoted as saying by PTI.

Indo-Russian bilateral relations are growing, says PM Modi

In his interaction with the Russian President, PM Modi stated that the diplomatic and strategic ties between the historic allies are growing. “Our bilateral relations are growing. You have invited me to visit Russia in May for the Victory Day celebrations. I am happily waiting that I will get an opportunity to meet you once again,” the Prime Minister was quoted as saying by PTI.

The two leaders noted with satisfaction that the USD 25 billion target of bilateral trade by 2025 had already been achieved. They decided that the first Bilateral Regional Forum at the level of Russian Provinces and Indian States be held next year to dismantle the barriers of trade at regional level.

“This our fourth meeting this year. I am so glad to have this high intensity of contacts. We have been implementing major bilateral projects and strengthening technical cooperation and our cultural exchanges are expanding,” the Russian President was quoted as saying in the meeting.

PM’s keynote address: ‘Five areas should be identified for JVs’

In his keynote address at BRICS summit in Brasilia, PM Modi said that BRICS nations should also deliberate on the mutual social security agreement.

“I would also like to suggest that by the next BRICS Summit, at least five such areas should be identified in which joint ventures can be formed between us on the basis of complementarities,” he was quoted as saying.

“Important initiatives like innovation BRICS Network, and BRICS Institution for Future Network will be considered during the summit tomorrow. I request the private sector to join these efforts focused on human resources,” Modi said in his brief address.

“If one BRICS country has technology, the other is related to raw materials or markets. Such possibilities are especially in electric vehicles, digital technology, fertilizer, agricultural products, food processing. I would urge the forum to map such complementarities in five countries. I would also like to suggest that at least five such areas should be identified by the next BRICS Summit in which joint ventures can be formed between us on the basis of complementarities,” he added.

Terrorism is the biggest threat to development, says PM Modi

While addressing a plenary session at BRICS in Brazil, PM Modi said that terrorism has caused USD 1 trillion loss to the world economy. He added that terrorism is the biggest threat to development, peace and prosperity.

(With inputs from PTI)

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