We are eager to cooperate in new industrial revolution

I congratulate President Ramaphosa on the success of BRICS (Brazil, Russia, India, China and South Africa)  Summit in Johannesburg in July and hosting this meeting.

In BRICS we represent 42 per cent of the world’s population. Since last few years, BRICS has been the engine of Global Growth. However, there are still many possibilities of increasing our share in world GDP (23 per cent) and trade (16 per cent). They are not in line with our population.

Excellencies, globalisation has brought millions of people out of poverty. However, we have challenges of equal distribution of benefits of globalisation before us. There has been a streak of continuous difficulties in the path of multilateralism and rule-based world order and protectionism is increasing. Currency devaluation and sharp increase in oil prices are challenging the profits earned over the past few years.

BRICS countries have been contributing to global sustainability and development. We have played an important role in shaping the economic and political structure of the world.

We have made significant contributions in making the architecture of global economic governance more representative and democratic and we will continue to work further in this direction.

We must speak unanimously about providing more representation to the developing countries in United Nations, its Security Council and other multilateral institutions. This is the purpose for which we have come together in the BRICS.

To ensure a rule-based world order we have to work together with multilateral institutions like United Nations, World Trade Organization, United Nations Framework Convention on Climate Change, World Bank, so as to maintain their relevance and they also reflect the realities of current time. In this regard, I have suggested “Reformed Multilateralism” in my meeting in Johannesburg.

Inclusion of topics like the New Industrial Revolution, future of work, etc. in the G20 agenda has enriched the discussion of global development. We, BRICS countries, are eager to cooperate in the new Industrial Revolution.

In this context, the topics of globalisation and migration must be addressed through better multilateral coordination and cooperation. Managing labour issues in the Global Supply Chain will be necessary to ensure excellent work in the entire value chain. Portability of social security schemes of workers and smooth movement of labourers worldwide is very important.

Social-economic issues like women’s empowerment and sustainable food future will be raised in the G20 Summit. On sustainable development and infrastructure, earlier I had suggested the need for disaster resilient infrastructure. We have to work together to take it forward.

Excellencies, India values and appreciates the progress made in enhancing BRICS political exchanges. In this regard, meetings between our Foreign Ministers, National Security Advisers and special messengers from Middle East have made important contributions.

We all agree that terrorism and radicalisation are the biggest threats that the whole world is facing today. It is not only a threat to the peace and security, it is also a threat to economic development.

We have urged all countries for the implementation of Financial Action Task Force standards. BRICS and G20 countries have to work together to strengthen the UN Counter Terrorism Framework to stop terrorist networks, their financing and their movement.

Prime Minister Narendra Modi with the other BRICS leaders on the sidelines of G-20 summit, in Buenos Aires, Friday (PIB Photo via PTI)

We need to work together against economic offenders and fugitives. This problem can be a serious threat to the world’s economic stability.

Excellencies, our support base in the G20 has started to become strong. Our BRICS Sherpas have been consulting and cooperating in G20 areas.

G20 Summit is being headed by a developing country. It is a good opportunity that the focus of the G20 agenda and its results should be brought to the priorities of the developing countries.

In the end, once again I thank President Ramaphosa for the successful hosting of the Johannesburg Summit and for organising this meeting.

I also confirm full support and cooperation of India to Brazil and its leadership for the forthcoming BRICS Chairmanship. I am confident that BRICS cooperation will scale new heights under the Chairmanship of Brazil.

Excellencies, I also thank President of Brazil that we have been getting your guidance and an opportunity to work with you since the last six times and as you said, this is our last meeting with you.

Excerpts from the PM’s speech at BRICS Leaders’ Informal Meeting on the margins of the G20 Summit on November 30. The speech was delivered in Hindi. This is an approximate translation