Brics bloc aims to forge new paths on economic opportunities

Presidents of India and Brazil believe mutual cooperation and trust will thrust the Brics group of countries and the global south towards development and economic growth.

Narendra Modi and Lula da Silva were speaking at the Brics Business Forum Leaders’ Dialogue at the Sandton Convention Centre in Johannesburg.

Modi pointed out that the Covid-19 pandemic, which had brought the world on its knees and destroyed global economy and livelihoods, had brought into sharp focus the importance of “resilience and inclusive supply chains”.

“Mutual trust and transparency are extremely important,” said Modi.

“Bringing our strengths together, we can make significant contributions to the welfare of the world, especially the global south.

“In 2009 when the first Brics Summit was held, the world was just coming out of a massive financial crisis. At that time, Brics emerged as a ray of hope for the global economy.

“In the present times – among the Covid pandemic, tensions, disputes … [and] economic challenges – once again the role of Brics countries is important.”

Da Silva said the Brics bloc – which is a formation of Brazil, Russia, India, China, and South Africa – has an opportunity to forge the way forward in development.

“Since the first summit of heads of state and government, our share in the global economy has been increasing,” said Da Silva.

“We have surpassed the G7 [Group of Seven] already, accounting for 32% of the world’s gross domestic product in purchasing power parity.

“Forecasts indicate that emerging and developing markets are the ones that will show the highest growth … in the coming years.

“Brics has a unique chance of shaping the global development path. Together, our countries make up a third of the global economy. This relevance will grow with the admission of new full members and dialogue partners.

“Collaboration between the public and private sector is vital for harnessing this potential and achieving lasting results.”


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