Prime Minister Narendra Modi on Friday outlined three major challenges at the informal meeting of BRICS leaders on the sidelines of the G20 Summit in Osaka, Japan. He cited lack of infrastructural resources, climate change and terrorism as the major hinderances in world development. He also went on to give five suggestions to deal with the rising challenges and requested all the BRICS nations to come together to bring about the much-needed change in the world.
While addressing the BRICS leaders on the sidelines of the G20 Summit, PM Modi said the world economy is already in a downward spiral and suffering from inconsistency, while one-sided decisions and fierce competition among countries are further affecting it on a larger scale. He claimed that there is a deficit of over $1.3 trillion within emerging market economies due to lack of resources.
PM Modi went on to say that making development inclusive and sustainable is the second-biggest challenge in the world today. Removing inequality and empowering people from all walks of life is the kind of wholesome development that the world needs. Fast-changing technology and climate change is not only a cause of concern for the current generations but also for generations to come, he added.
He also highlighted terrorism, calling it the biggest threat to the humankind. The Prime Minister said that terrorism not only consumes lives but also affects economic and social development.
The PM then laid out five suggestions to tackle the challenges. He said that the BRICS countries have to emphasize on the necessary reforms in international financial and business institutions and organizations for reformed multilateralism.
He suggested that energy resources required for continuous economic development such as oil and gas should be made available at low prices. “India’s initiative for Coalition for Disaster Resilient Infrastructure will help in the development of appropriate infrastructure to face the least developed and developing countries with natural calamities,” he added.
After talking about free movement of skilled craftsman especially across those countries where the majority population has crossed the working age, Prime Minister Modi said that the BRICS nation must host a global conference to discuss measures for countering terrorism.
All the BRICS countries condemned terrorism in all its forms and manifestations, reiterated responsibility for preventing financing of terrorism, for using territories and internet for terrorist purposes, said Foreign Secretary Vijay Gokhale after PM Modi’s address.
BRICS leaders issued a joint statement at the G20 Summit which read: “Corruption, including illicit money and financial flows and ill-gotten wealth stashed in foreign jurisdictions, is a global challenge which may impact negatively on economic growth and sustainable development.”
“We are committed to transparent, non-discriminatory, open, free and inclusive international trade. Protectionism and unilateralism run counter to the spirit and rules of the World Trade Organization (WTO),” further read the statement.
SOURCE-TIMES NOW NEWS
