Prime Minister Narendra Modi on Friday (June 28) put forward a five-point approach to address common challenges facing the world, including protectionism, unilateralism at global financial organisations like the WTO and terrorism.
Speaking at the informal BRICS leaders’ meeting in Osaka, Modi said that there was an immediate need to strengthen the WTO, fighting protectionism, ensuring energy security, and work together to fight terrorism.
“Today I will focus on three major challenges. First, the recession and uncertainty in the world economy. Unilateral decisions and rivalries are overshadowing rule-based multilateral international trade systems. On the other hand, the lack of resources is reflected in the fact that there is a shortage of an estimated USD 1.3 trillion in investment for emerging market economies,” he said.
The second one is to make development sustainable and all-inclusive. Fast changing technologies like digitalization and climate change pose a challenge to the current as well as future generations, Modi said. Development is worthwhile only when it reduces inequality and contribute in empowerment, he said.
He said making development and progress inclusive and sustainable is the second major challenge. “Rapidly changing technologies such as digitisation and climate change are concerns not just for us, but also for the future generations. Development is in the right direction when it reduces inequality and contributes to empowerment,” the prime minister said.
Talking about his five-point approach to tackle these challenges, Modi said that the ill effects of unilateral decisions can be addressed to an extent by the coordination between the BRICS countries. “We need to emphasize on the necessary reforms in international financial and business institutions and organisations for improving multilateralism,” he said.
Energy resources like oil and gas should be available at low prices regularly for continuous economic development, the prime minister said. “For sustainable and inclusive development, the New Development Bank should give priority to the investment in the physical and social infrastructure and renewable energy programmes of member countries.”
“The New Development Bank is a multilateral development bank established by the BRICS states — Brazil, Russia, India, China and South Africa. India’s initiative for Coalition for Disaster Resilient Infrastructure will help in the development of appropriate infrastructure in developed and developing countries to face natural calamities,” Modi said.
“I invite you to join this coalition. The movement of skilled workers around the world should be made easy. This will also benefit the countries where a large part of the population has crossed the working age,” Modi said.
For fighting terrorism, the prime minister called for organizing a global conference on terrorism. “I have recently called for organizing a Global Conference on Terrorism. Lack of necessary consent to fight against terrorism cannot keep us inactive,” he said.
Modi also said that there is a need to stop all mediums of support to terrorism and racism. “Terrorism is the biggest threat to humanity. It not only kills innocents but also severely affects the economic development and social stability,” he said.
The Prime Minister, who is in Osaka for the G20 Summit, congratulated Jair Bolsonaro on being elected as the President of Brazil and welcomed him in the BRICS family. He also congratulated Cyril Ramaphosa on his election as the President of South Africa as the BRICS (Brazil, Russia, India, China, and South Africa) leaders met on the sidelines of the G20 Summit Osaka.