BRICS summit: $100 billion development bank launched; PM Modi speaks to combat terrorism

The three days BRICS summit began yesterday with the attendance of heads of all the five nations’ viz. Brazil, Russia, India, China and South Africa. On the very first day, a crucial decision was taken. According to Reuters, the long-awaited bank is the first major achievement of the BRICS countries – since they got together in 2009 to press for a bigger say in the global financial order created by Western powers after World War Two and centred on the International Monetary Fund and the World Bank.

First day of the 6^th BRICS Summit therefore marked progressive decisions. Information came in that the leaders of the BRICS emerging market nations launched a $100 billion development bank and a currency reserve pool in their first concrete step towards reshaping the Western-dominated international financial system.

Prime Minister Narendra Modi too delivered his first speech at the summit there at Fortaleza city of Brazil. This is his first BRICS summit after becoming the Prime Minister of India. BRICS summit 2014, the 6^th one, was actually scheduled in March but on China’s request it was postponed for July.

“I am delighted to be in Brazil for the sixth BRICS summit. This is my first summit and I look forward to benefitting from your wisdom,” Prime Minister Narendra Modi said in the beginning of his opening remarks.

“India offers its full support in taking the BRICS agenda forward for the benefit of our countries and the world at large,” he further said while concluding his opening remarks.

While addressing the summit on ‘Political Coordination’, International Governance and Regional Crisis, PM spoke on terrorism too.

“Excellencies, the region stretching from Afghanistan to Africa is experiencing turbulence and conflict. This is causing grave instability that is fast seeping across borders. This impacts us all. Remaining mute spectators to countries being torn up in this manner can have grave consequences.
Afghanistan, is facing an uncertain future. The Afghan people have suffered for decades. The World must unite to support them in building a peaceful, stable, democratic and prosperous country,” he said.

PM also asserted: “We must help Afghanistan fight the forces of terrorism. This is important for it to preserve the progress it has made in the last decade. India will continue to assist Afghanistan in building its capacity; in governance, security and economic development.”

Speaking further on zero tolerance on the grave issue of terrorism, PM said, “Excellencies, Terrorism is a threat that has assumed war-like proportions. It is in fact a proxy war aimed at innocent civilians. Due to different yardsticks the international community has not been able to combat terror effectively. I firmly believe that Terrorism, in any shape or form, is against Humanity.”

“There should be Zero Tolerance towards Terrorism. Humanity must unite, and isolate terrorist forces,especially states that flout basic norms. Selective targeting of terrorism will not work. BRICS must translate our political resolve into a concrete and coordinated Plan of Action. I call for an early adoption by the UN, of the draft Comprehensive Convention on International Terrorism. We must also put collective pressure on States to deny sanctuaries and support to terrorists.”

Today, the BRICS leaders are scheduled to hold a meeting with UNASUR leaders at Brazil.

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About Suyash Karangutkar

Suyash Karangutkar is a young, dedicated and an enthusiastic journalist who has a deep interest in National and International Affairs. He is an ardent political spectator who finds politics fascinating. At Spectralhues, he heads the Mumbai team and covers National Affairs & Politics. He also occasionally writes columns for Spectralhues. He can be followed on Twitter @columnistsuyash