AMN
Vice-President Hamid Ansari today said Brics grouping represents shift in global economics and politics. Delivering the inaugural address at BRICS Ministerial session in New Delhi, the Vice President said the five nations together account for 43 percent of world’s population, 15 percent of global trade, and 20 percent of world’s investment flow.
He said BRICS countries represent worlds dynamic emerging economies. He said growth should lead to inclusive development and called for eradicating poverty and bringing about social inclusion. He said BRICS brings forth the more humane face of globalisation.
Speaking on the occasion, Commerce and Industry Minister Nirmala Sitharaman said the BRICS countries can complement each others’ economy. Ms Sitharaman said, globalization has altered world’s economy therefore BRICS countries can play positive role in strengthening multi lateral institutions.
The Minister said, there is a need to find innovative ways to increase intra-BRICS trade. She pointed out that the establishment of New Development Bank is indicative of urgent need for reform of global financial system.
She urged New Development Bank to come out with ideas and pilot projects for strengthening MSMEs in BRICS countries. Ms Sitharaman called upon BRICS nations to take united stand on issues of common concern.