Prime Minister Narendra Modi on Thursday said the BRICS member nations have a similar approach to the governance of the global economy.
Addressing the virtual BRICS annual summit Modi said: “Our mutual cooperation can make a useful contribution to the global post-Covid recovery.” The summit was attended by Chinese President Xi Jinping, Russian President Vladimir Putin and top leaders of Brazil and South Africa. The summit is being hosted by China as the Chair for this year.
The BRICS (Brazil-Russia-India-China-South Africa) brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.
He said the structural changes undertaken in the BRICS in the last few years increased the influence of the grouping. It is a matter of happiness that membership of the New Development Bank (NDB) has increased, Modi said, adding that cooperation among the member countries has benefited their citizens.
“I am confident that our deliberations today will produce suggestions to further strengthen our ties,” he said.