Developing and BRICS economies have opportunity to forge new paths

Developing and BRICS economies have opportunity to forge new paths

Mutual cooperation and trust are the key pillars that will thrust the BRICS group of countries as well as the global south towards development and economic growth.

This is the sentiment shared by the Prime Minister of India, Narendra Modi and the President of Brazil, Lula da Silva.

The two world leaders were addressing the BRICS Business Forum Leaders’ Dialogue at the 15th BRICS Summit held in Johannesburg on Tuesday.

Prime Minister Modi said the COVID-19 pandemic, which ravaged the global economy and destroyed livelihoods, brought into sharp focus the importance of “resilience and inclusive supply chains”.

“For this, mutual trust and transparency are extremely important. By 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 also – amongst the COVID pandemic, tensions, disputes… [and] economic challenges – in such times, once again, the role of BRICS countries is important,” said Modi.

This as his Brazilian counterpart, President da Silva, concurred – adding that the BRICS (Brazil, Russia, India, China, and South Africa) countries and developing countries have 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. We have surpassed the G7 already accounting for 32% of the world GDP [gross domestic product] in purchasing power parity and forecasting indicates 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,” President da Silva said. –