The world’s five largest emerging economies came together for the eighth BRICS summit in Goa on Sunday (October 16).
The BRICS nations viz; Brazil, Russia, India, China and South Africa together account for 30% of the world’s economic output and represent nearly half of the world’s population.
The summit was held at the Taj Exotica hotel overlooking Benaulim beach in Goa.
Prime Minister Narendra Modi presided over the summit, which was attended by the heads of government from the four other member states: Presidents Michel Temer of Brazil, Vladimir Putin of Russia, Xi Jinping of China and Jacob Zuma of South Africa.
The BRICS Summit At a Glance:
The Eighth BRICS Summit was held under the theme “Building Responsive, Inclusive and Collective Solutions.”
Prime Minister Narendra Modi met the Sri Lankan President and Bhutan Prime Minister on the sidelines of the 8th BRICS summit in Goa.
Sri Lanka and Bhutan have strongly backed India’s firm stand against cross-border terrorism in all its forms and manifestations.
Briefing the media after Modi’s meeting with the two leaders, MEA spokesperson Vikas Swarup said that the Prime Minister thanked them for the solidarity shown by Sri Lanka and Bhutan after the Uri terror attack.
The five members of BRICS failed to reach consensus on signing two crucial agreements—one to create a BRICS credit rating agency and the other on cooperation between their export-import banks and the NDB.
“We reiterate our determination to use all policy tools— monetary, fiscal, and structural, individually and collectively—to achieve the goal of strong, sustainable, balanced and inclusive growth,” the five countries pledged in their Goa Declaration.
The five emerging economies contended that monetary policy alone cannot lead to balanced and sustainable growth and stressed the role of structural reforms.
The leaders noted that they were meeting at a time when global economic recovery is progressing with improved resilience and the emergence of new sources of growth.
The Goa declaration did not mention “cross-border terrorism” — a term used to describe Pakistan-sponsored terrorism.
On the proposed BRICS credit rating agency, the declaration said experts from the grouping will explore the possibility of setting up one based on market-oriented principles to strengthen the global governance architecture.
The BRICS leaders did not sign an agreement on the proposed agency as they thought it needs more consultations among experts, said Amar Sinha, secretary of economic relations in the ministry of external affairs.
Mr. Sinha further said that Pakistan-based terror outfits were not mentioned specifically since they affected only India, not the other BRICS countries.
The contradictions within the BRICS grouping were evident, even though the PM said the BRICS leaders were unanimous in their view about terrorism.
While addressing the BIMSTEC summit on the sidelines of BRICS, PM Modi said that in South Asia and BIMSTEC, “all nation states, barring one, are motivated to pursue a path of peace, development and economic prosperity for its people. Unfortunately, this country in India’s neighbourhood…embraces and radiates the darkness of terrorism.”