BRICS leaders

Prime Minister Narendra Modi highlighted terror, climate change and recession as three major global challenges at a meeting with BRICS (Brazil, Russia, India, China and South Africa) leaders on the sidelines of the G20 Osaka summit on Friday, June 28.

PM Modi pointed out that discussion on terrorism is the need of the hour and countries must participate to combat the global menace. "Terrorism is the biggest threat to humanity. It not only kills the innocent but also severely affects economic development and social stability," he said.

With regard to development, the PM said that the global economy is largely driven by one-sided decisions. "We should still focus on the World Trade Organisation (WTO) reform to achieve balanced development of the global economy and so this growth is open to everyone," he said.

PM Modi pointed out five strategies on how BRICS nations can lead the way in addressing the global challenges:

  1. Reformed multilateralism by improving international financial and business institutions
  2. Access to energy as well as ensuring its security
  3. Coalition for disaster resilience infrastructure
  4. Ease of movement of skilled workers
  5. Hosting a global conference on countering terrorism

A trilateral meeting with US President Donald Trump, Japanese Prime Minister Shinzo Abe and Modi was also held at the G-20 summit on Friday. Issues such as Indo-Pacific region, connectivity and infrastructure development were discussed.

Emerging Economies

In 2012, the World Economic Forum had estimated that out of the 1,000 participants in the list of emerging corporate executives, a record 365 corporates were from BRICS nations. World Bank's 'Doing Business' report also said that BRICS economies introduced a total of 21 reforms, including electricity acquisition and trading across borders. The countries also improved their average ease of doing business score despite various areas of business regulations.

The 2019 BRICS summit will be held in Brazil on November 13 and 14.