Latest news with #intra-BRICS
&w=3840&q=100)
Business Standard
17 hours ago
- Business
- Business Standard
Brics envoys push for anti-terror unity, trade in local currencies
Ahead of the BRICS summit in Rio de Janeiro next month, envoys of leading member nations of the grouping underlined the need for greater focus to combat terrorism and called for mainstreaming the interests and aspirations of the Global South. With US President Donald Trump's aggressive tariffs encouraging a trend towards de-dollarisation, the envoys also backed the expansion of the use of national currencies for intra-BRICS trade and pitched for deeper cooperation on economic issues. India, on its part, stressed on the pivotal importance of the grouping in promoting scalable solutions for the Global South or developing nations in areas of financial inclusion and advocated greater use of national currency in international trade. Prime Minister Narendra Modi is likely to travel to the Brazilian city to attend the crucial BRICS (Brazil, Russia, India, China, South Africa) summit. "BRICS has to get its act together and find solutions for the Global South. This requires commitment, a lot of hard work, and to be able to look deep into those issues, into the future," said Dammu Ravi, India's BRICS sherpa and Secretary (Economic Relations) in the Ministry of External Affairs (MEA). Ravi highlighted India's growing stakes in shaping BRICS as both a development platform and a geopolitical force. "We are not just participants -- we are contributors to the very direction BRICS takes," he noted. The senior diplomat emphasised that India's successful development models -- particularly in poverty alleviation, financial inclusion, and digital public infrastructure -- should be viewed as templates for wider application across the Global South. Ravi was speaking at a conference titled "BRICS in Rio: Shaping an Inclusive and Sustainable World Order," on Friday evening. The conference was co-organised by the Embassy of Brazil in India and Centre for Global India Insights (CGII), a leading think tank focused on global affairs. Besides Ravi, Brazil's Ambassador to India Kenneth Felix Haczynski da Nobrega, Russia's Ambassador to India Denis Alipov, Indonesia Ambassador Ina Hagniningtyas Krisnamurthi and Egypt's envoy Kamel Zayed Kamel Galal. The envoys spoke in one voice on the need to enhance greater cooperation among the BRICS nations to combat terrorism. "We issued a strong condemnation. That shows BRICS can speak with one voice on core issues," he said while alluding to the grouping's response to terrorism, citing the April 22 Pahalgam attack in India. The grouping, he added, is evolving into a "more comprehensive and more representative" platform with its latest round of expansion. BRICS, originally comprising Brazil, Russia, India, China and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran and the United Arab Emirates, with Indonesia joining in 2025. The conference, moderated by Manish Chand, CEO of CGII, focused on the role of BRICS in promoting sustainable solutions to challenges faced by the Global South in the context of the BRICS summit in Rio. "The Rio summit will mark the ongoing ascendance of the Global South in the international arena. We hope that the upcoming Summit will be an opportunity to strengthen BRICS' role as a platform to voice the concerns and interests of the Global South," said Chand. Extending Russia's support for Brazil's BRICS presidency and its emphasis on enhancing cooperation among Global South nations, the Russian envoy commended efforts to diversify financial mechanisms and backed expansion of the use of national currencies in intra-BRICS trade. Alluding to a complex geopolitical environment, marked by increased polarisation and distrust, Brazil's envoy Nobrega underlined that the Brazilian presidency is seeking to update the work dynamics of the grouping while staying true to BRICS acquis and its gold standard: "pragmatic, patient and inclusive consensus building". "The expanded BRICS holds out the promise of reform of international institutions with inclusiveness, with the Global South exercising effective influence on its reconfiguration," Nobrega said. "Despite the mistaken impressions of some, BRICS is not working against anyone, but exclusively in favour of the sustainable development of its members, as well as for the reform of global governance institutions." The motto of the Brazilian chairship is "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance." The summit will culminate in two high-level declarations on financing the climate change regime and the governance of artificial intelligence. Enhancing the use of national currencies in settling intra-BRICS trade figured prominently in discussions, with all panelists backing the proposal, which is already being implemented by BRICS countries. However, the panelists found the idea of a BRICS common currency impractical. Ravi clarified that discussions around a BRICS common currency are still at a very early stage. "Today, for now, we are only looking at trade settlement in national currencies. Harmonisation of fiscal and monetary policies is very, very difficult to achieve, he said. Accelerating reform of global governance institutions is also expected to figure prominently on the agenda of the BRICS summit in Rio. In this context, Indonesia's Ambassador Krisnamurthi called for better representation of the Global South in multilateral institutions. "Right now, the Global South represents 85 per cent of the world's population and 39 per cent of global GDP. Yet multilateral institutions do not reflect this reality," she said. Outlining Cairo's vision for the upcoming Rio summit, the Egyptian ambassador emphasised the need to "reform and strengthen the multilateral system in a way that reflects the evolving dynamics and the rising role of developing countries." "We are keen that the group should focus on areas of cooperation that enjoy consensus, rather than divisive issues," said the Egyptian envoy. FICCI Secretary General Jyoti Vij outlined the role of the BRICS Business Council in enhancing economic linkages among BRICS countries and underlined that the use of national currencies will greatly help businesses as it will help cut transaction costs. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
India Gazette
05-06-2025
- Business
- India Gazette
India supports fair, rule-based global trading system that addresses needs, aspirations of Global South: Om Birla
Brasilia [Brazil], June 5 (ANI): Lok Sabha Speaker Om Birla on Thursday emphasised the need for a fair and rule-based global trading system while addressing the 2nd Working Session of the BRICS Parliamentary Forum in Brasilia, an official release said. As per the Release, LS Speaker Om Birla said, 'India supports a fair and rule-based global trading system--one that adequately addresses the needs and aspirations of the Global South.' He added, 'India views the BRICS Parliamentary Forum as a vital platform, where, through shared efforts and dialogue, we can redefine the contours of economic development. This forum further reinforces our commitment to mutual cooperation, solidarity, and the welfare of our citizens.' He added that 'Despite global challenges, BRICS nations have made inspiring progress in the realm of economic development. India believes that to strengthen this progress further, we must enhance intra-BRICS trade, investment, and financial cooperation.' He also said, 'We welcome the recent expansion of the BRICS grouping. This will make our collaboration more inclusive and impactful.' Birla made these remarks while addressing the 2nd Working Session of the BRICS Parliamentary Forum at Brasilia, Brazil, on the theme 'BRICS Parliamentary Action in Search of New Paths for Economic Development.' The statement noted that Birla highlighted India's economic journey in the last decade. Birla said, 'India's economic journey over the past decade has been remarkable. Despite global uncertainties and domestic challenges, India has consistently outperformed the global growth average. Rising from the 10th largest economy in 2014 to the 4th largest today is a testament to India's robust policies and the strength of its people. From 2014-15 to 2024-25, India's GDP has grown at an average rate of over 7 per cent, making it the fastest-growing major economy in the world.' Birla noted, 'India is not only the world's largest and most vibrant democracy but also a nation with stable governance, strong constitutional institutions, the rule of law, a transparent and accountable tax system, and decisive leadership that has earned the trust of global investors.' He mentioned that 'under the leadership of Prime Minister Narendra Modi, India's unprecedented progress in infrastructure--water, energy, road and rail connectivity, ports, airports, industrial corridors, and logistics hubs - now defines the New India.' Observing that India's greatest strength is its youthful population, he said, 'Over 65 per cent of Indians are under the age of 35. This youthful energy is propelling India forward--be it in manufacturing, digital technology, healthcare, or green energy. Through programs like Skill India, PM Kaushal Vikas Yojana, and the New National Education Policy, India is skilling its youth under the visionary leadership of Prime Minister Narendra Modi.' He added, 'At a time when many developed nations face ageing populations and labour shortages, India is emerging as the solution--as the Skill Capital of the World. We are not only meeting domestic needs but also supplying skilled human resources to the world. This is India's strength, our responsibility, and our moment.' Noting India's contribution across several fields, Birla underlined that 'Today, India is established as the Pharmacy of the World--one in every three medicines globally comes from India. Additionally, India is a global leader in IT services, has the third-largest startup ecosystem, and is at the forefront in mobile phone manufacturing, digital payments, space technology, and renewable energy.' He also said that, 'In the era of Industry 4.0, technology can be a powerful medium for inclusive and sustainable development. Initiatives like Digital India, Start-up India, and Atmanirbhar Bharat are successful models in this direction. Platforms like Unified Payments Interface (UPI), JAM Trinity, and e-NAM have transformed citizens' lives and serve as inspirational models for BRICS.' Birla also said that, 'India has also undertaken significant reforms in taxation. The recently presented Income-tax Bill, 2025, is a major step towards a transparent and effective tax regime.' The statement also mentioned Birla, who said, 'We are concerned that the representation of developing countries in international institutions remains inadequate. This imbalance hampers global equity and balanced development. Therefore, BRICS countries must collectively make concrete efforts to enhance the participation of the Global South in such institutions.' He added that, 'Global crises such as the COVID-19 pandemic have disproportionately affected the Global South. Challenges related to health, food, and energy security have intensified. Without concrete and coordinated action, achieving the Sustainable Development Goals (SDGs) will remain difficult.' As per the statement, on the opening day of the BRICS Parliamentary Forum, the Lok Sabha Speaker held a bilateral meeting with the President of the Federal Senate of Brazil, Sen. Davi Alcolumbre. He mentioned that, 'Both countries have been partners on the global stage. Our bilateral relations have developed on the basis of shared democratic values, peace, cooperation, sustainable development, and common objectives.' Noting that in today's era, terrorism is the biggest threat to global peace and stability, Birla said that 'The recent terrorist attack in Jammu and Kashmir, India, in which 26 innocent civilians were brutally killed, has shaken not only India but also the conscience of the entire world.' He also added that, 'Pakistan has failed to take concrete action against the terrorist infrastructure operating from its territory; India exercised its right to respond, to prevent such cross-border attacks in the future, and to defend itself.' On Operation Sindoor, Birla said that 'these steps were measured, non-provocative, proportionate, and responsible. Their sole objective was to destroy terrorist infrastructure and neutralise the capabilities of terrorists.' He said that 'Today's India is firmly committed to a policy of zero tolerance towards all forms of terrorism and gives a strong response to every terrorist attack.' The statement highlighted that on the sidelines of the BRICS Parliamentary Forum, Lok Sabha Speaker Om Birla also held a bilateral meeting with the President of the Chamber of Deputies of Brazil, Hugo Motta. Birla observed that 'India and Brazil are natural partners. Both countries have, from time to time, provided direction and momentum to their bilateral relations through high-level dialogues.' He added that, 'There is extensive collaboration between the two countries in areas such as defence, technology, space, energy, and culture. The special session organised by the Brazilian Congress in 2022 on the occasion of 75 years of India's independence is a testament to our special friendship.' Birla hoped that 'India and Brazil can jointly promote innovation in emerging areas such as digital transformation, artificial intelligence, health technology, and cybersecurity, and can set an example for the countries of the Global South.' (ANI)
