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Thursday, 29 March 2012
India for avoiding political disruptions that hit trade flow
India has pitched for
avoiding political disruptions that create volatilities in global
energy markets affecting trade flow as the BRICS Summit began in New
Delhi to discuss ways to enhance intra-BRICS trade and review the
situation in the region.
the fourth BRICS Summit, Prime Minister Dr. Manmohan Singh also said
that the grouping has agreed to examine in "greater detail" a proposal
to set up a South-South Development bank, funded and managed by BRICS
and other developing countries.
He also urged member countries to speak in one voice on key issues such as UNSC reforms.
Summit is being attended by Brazilian president Dilma Roussef, Chinese
president Hu Jintao, South African president Jacob Zuma and Russian
president Dmitry Medvedev besides Singh.
BRICS (Brazil, Russia, India, China and South Africa) represent over 40
per cent of the world's population and the leaders of the five
countries discussed ways to enhance intra-BRICS trade and review the
situation in the region.
must avoid political disruptions that create volatilities in global
energy markets and affect trade flow... We must ensure policy
coordination to revive economic growth," he said.
UNSC reforms, Dr. Singh suggested that BRICS countries should speak in
one voice on issues such as reforms of the international body.
also said in their restricted session, the grouping also discussed the
ongoing turmoil in West Asia and agreed to work together for a peaceful
resolution of the crisis.
upon the issue of terrorism, Dr. Singh said the countries should
enhance cooperation against terrorism and other developing threats such
as piracy, particularly emanating from Somalia.
that the global situation presents a mixed picture, Dr. Singh said
responses to these challenges by different countries may be different,
"but there is much common interest that binds us together".
are all affected by the global economic slowdown, the volatility in
food and energy prices, the challenge of reconciling growth with
environmental objectives, the political uncertainty in West Asia and the
rise of terrorism and extremism."
“Our responses to these challenges may be different, but there is much common interest that binds us together," he said.
cited ten specific issues which he believed concerned all the member
countries including creating jobs, energy and food security, revival of
global growth, breathing life to Doha round of trade negotitions and
facilitation of funds for infrastructure development.
on India's need to generate 8-10 million jobs every year in the next
decade, Dr. Singh said India would like to learn from the experiences of
other BRICS countries on how they are dealing with these problems.
also sought "room to cooperate internationally" on issues like energy,
food and water security, saying "it is clear that constraints such as
the availability of energy and food for countries that account for more
than 40% of the world population can impede the entire story."
is another critical area of scarcity which needs much greater attention
than it has received thus far. We have much to learn from each other in
how to handle these problems, and there is also room to cooperate
internationally," Dr. Singh said.
also urged the member countries as members of G-20 that they must
together ensure that appropriate solutions are found to help Europe help
itself and to ensure policy coordination that can revive global growth.
large and diverse economies, we should make a special effort to find
ways to exploit intra-BRICS complementarities. We should promote greater
interaction amongst our business communities. Issues such as easier
business visas must be prioritised. As large trading countries, BRICS
have a strong interest in removing barriers to trade and investment
flows and avoiding protectionist measures," Dr. Singh said.
revive global demand and growth, developing countries need access to
capital, particularly for infrastructure development. We must address
the important issue of expanding the capital base of the World Bank and
other Multilateral Development Banks to enable these institutions to
perform their appropriate role in financing infrastructure development,"
Dr. Singh said.
improvement in global governance, the Prime Minister said BRICS should
speak with one voice on important issues such as the reform of the UN
countries must also work together to address deficiencies in global
governance. Institutions of global political and economic governance
created more than six decades ago have not kept pace with the changing
world. While some progress has been made in international financial
institutions, there is lack of movement on the political side," Dr.
He emphasised on the need to reduce energy intensity of GDP by promoting energy efficiency and developing clean energy sources.
calls for greater investments in research and development, sharing of
best practices, and encouraging transfer of technology, he said.
BRICS nations had during their last summit in Sanya in China signed a
framework agreement to enable them to grant credit in local currencies.
the BRICS countries have sharply varying political systems, they share
some common geopolitical, economic and trading interests.
has no fixed agenda, but on certain issues like reform of the United
Nations; greater representation in Bretton Woods institutions; managing
global financial crisis and boosting intra-BRICS trade and cooperation,
they mostly have common positions.
account for 26 per cent of the world's landmass and 42 per cent of the
global population, including India and China, two of the world's most
It accounts for 40 per cent of global GDP (USD 18.486 trillion) and its proportion is rapidly increasing.
The first BRICS Summit was held in Yekaterinburg, Russia (2009), followed by Brasilia (2010) and Sanya, China (2011).