Terrorism has caused $1 trillion loss to world economy, says PM Modi

Terror has emerged as the biggest threat to peace and prosperity, the Prime Minister says.

November 14, 2019 11:07 pm | Updated November 28, 2021 11:11 am IST

Five-some: South Africa’s President Cyril Ramaphosa, China’s President Xi Jinping, PM Modi, Russia’s President Vladimir Putin and Brazil’s President Jair Bolsonaro in Brasilia.

Five-some: South Africa’s President Cyril Ramaphosa, China’s President Xi Jinping, PM Modi, Russia’s President Vladimir Putin and Brazil’s President Jair Bolsonaro in Brasilia.

Terrorism has caused a $1 trillion loss to the world economy and the atmosphere it created has indirectly and deeply harmed trade and business, Prime Minister Narendra Modi said at the BRICS Summit here on Thursday as he welcomed increased cooperation from the members of the grouping.

Addressing the plenary session of the 11th BRICS Summit at the iconic Itamaraty Palace in the presence of the Presidents of Brazil, China, Russia and South Africa, Mr. Modi said terrorism had emerged as the biggest threat to development, peace and prosperity. “According to some estimates, the economic growth of developing nations has decreased by 1.5% due to terrorism,” he said, adding that the scourge had caused a $1 trillion loss to the world economy. In 10 years, terrorism had claimed the lives of 2.25 lakh people and destroyed societies, he said.

 

“The atmosphere of doubt created by terrorism, terror-financing, drug-trafficking and organised crime indirectly and deeply harms trade and business. I am happy that the first seminar on BRICS Strategies for Countering Terrorism was organised. We hope that such efforts and activities of the five working groups will increase strong BRICS Security Cooperation against terrorism and other organised crimes,” he said.

 

Mr. Modi said sustainable water management and sanitation were important challenges in urban areas. “I propose to hold the first meeting of BRICS Water Ministers in India,” he said. “Recently, we started ‘Fit India Movement’. I want to increase contacts and exchanges between us in the field of fitness and health.”

He also called for special attention to mutual trade and investment, saying intra-BRICS trade accounts for 15% of the world trade, while its combined population is over 40% of the world’s population.

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