The U.N. Security Council and the IMF are in need of “urgent reform”, said Prime Minister Narendra Modi at the beginning of the BRICS Summit meeting in Fortaleza, Brazil. With his remarks, Mr. Modi set the course for a strong political statement at the summit where he addressed Brazilian President Dilma Rousseff, Russian President Vladimir Putin, Chinese President Xi Jinping and South African President Jacob Zuma in his first multilateral engagement. Calling on the Security Council and the IMF to recognise and represent “ground realities”, Mr. Modi said, “Corrective action must begin with the reform of institutions of global governance. This has been on the BRICS agenda since its inception.”
Mr. Modi spoke even as the leaders of BRICS countries ironed out their differences over the announcement of the BRICS bank and the contingent reserve fund. The two economic initiatives are the major announcements of the Fortaleza declaration. Shanghai won out as the location for the headquarters for the BRICS bank, but Indian officials claimed victory over the key issues of equal shareholding for all BRICS members. India would assume the first presidency of the bank, which would be named, as per the Indian suggestion, the “New Development Bank”.
Mr. Modi also pitched for a common outlook on global crises such as the conflict in Israel, Syria and Iraq, and called for BRICS countries to help “Afghanistan fight the forces of terrorism.”
In his speech at the BRICS summit on Tuesday, he said that cyber security was a priority for BRICS countries, and called for a united stand on “zero terrorism”. We must also put collective pressure on states to deny sanctuaries and support to terrorists,” Mr. Modi said.
Mr. Modi invoked his oft-repeated mantra of “Vasudaiv kutumbakam” (the global family), and called for more “people to people” ties within the BRICS countries, including a BRICS university, more travel, scientific exchanges and sharing of healthcare facilities.
In his meeting with Chinese President Xi Jinping, Mr. Modi also highlighted the growing economic ties between the two countries and underlined his government’s willingness to welcome Chinese investment in infrastructure and industrial parks. Both sides recently signed a first ever MoU on setting up China-dedicated industrial parks with four such parks being considered, as Commerce Minister Nirmala Sitharaman held talks with her counterpart Gao Hucheng in Beijing during the Vice-President’s visit here last month.
Indian officials described Mr. Xi’s invitation of Mr. Modi to the APEC meeting, which was unexpected, as “a significant gesture,” but added that details would have to be worked out with Mr. Modi having a packed schedule for that month with SAARC and G20 summitsI
