BRICS can give shape to G20, says Modi

He announced that development in harmony with nature was the goal of his joint proposal with French President François Hollande for an alliance of solar-rich countries at the time of COP-21 meeting later this year. He also urged the leaders to ensure that the target of $100 billion climate finance per year by 2020 was met. “We should shift from carbon credit towards green credit.”

Mr. Modi called on the G20 to prioritize effective implementation of Sustainable Development Agenda 2030 and ensure adequate funding for it. The agenda, he said, would stimulate faster, more broad-based economic growth. “This creates the right balance between growth, development, human welfare and environment.”

Earlier, speaking at a BRICS (Brazil, Russia, India, China and South Africa) leaders meeting hosted by Russian President Vladimir Putin, ahead of the G20 Summit, Mr. Modi demanded that the target lowering of the cost of global remittances be advanced to sooner than 2030 and made a case for close coordination to prevent corruption and for cooperation to freeze unaccounted money hoarded abroad.

He cautioned against new trading blocs leading to division of the global trade regime, called for strengthening the rule-based global trading system and speeding up the completion of the Doha Development Agenda of the World Trade Organisation. Mr. Modi’s remarks come in the wake of the U.S. finalising the Trans Pacific Partnership Pact.

The BRICS could give shape to G20, Mr. Modi said at the meeting that is being seen as a signal from the BRICS nations to the developed countries of their rising significance in global matters.

“There was a time when the logic of BRICS and its lasting capacity were being questioned…We have provided proof of the relevance and value of BRICS through our actions…, and this has come at a time of huge global challenges.” The New Development Bank, the Currency Reserve Arrangement and the Strategy for BRICS Economic Cooperation are clear evidence of the BRICS’ vision and resolve, Mr. Modi said.

The meeting was also attended by Chinese President Xi Jinping, South African President Jacob Zuma and Brazil President Dilma Rousseff.

Speaking of India’s imminent assumption of the BRICS chairmanship from February 1 next, the Prime Minister said: “India attaches the highest importance to BRICS.” The theme of India’s chairmanship will be “Building Responsive, Inclusive and Collective Solutions” or ‘BRICS.’ “The Strategy for BRICS Economic Cooperation, which we endorsed in Ufa, is an important framework document,” Mr. Modi reiterated.

He assured China of India’s support during its G20 presidency. China will take over the rotating presidency of the G20 in December this year. Mr. Modi also condemned the terror attacks in Paris and expressed sympathy with and support to Russia for the loss of life in a plane crash in Sinai. He spoke of the need for a united global effort to combat terrorism.

 Data that may be helpful:

 Important Points:-

• French President :- François Hollande
• South Africa President :- Jacob Zuma
• Brazil President :- Dilma Rousseff 
• BRICS  :- Brazil, Russia, India, China, South Africa

Source:- The Hindu, 16-Nov-2015