BRICS source of stability in time of recession: PM

December 15th, 2011 - 3:29 pm ICT by IANS  

Manmohan Singh New Delhi, Dec 15 (IANS) Ahead of the BRICS (Brazil, Russia, India, China and South Africa) summit New Delhi will host next year, Prime Minister Manmohan Singh has said emerging economies can play a significant role in global financial stability against the backdrop of the eurozone recession.

“At a time of economic uncertainty, especially in the Eurozone, growth and prosperity in the BRICS economies can play a significant role in ensuring economic and financial stability at a global level,” Manmohan Singh told Russian journalists ahead of his visit to Moscow on a three-day visit.

The prime minister stressed that the relevance of the BRICS to the international order has increased over time.

These countries share similar positions on issues such as the reforms of the Bretton Woods Institutions, trade protectionism and the Doha Development Round, achievement of the Millennium Development Goals and support for a multi-polar, equitable and democratic world order, he said.

India will host the next BRICS summit in March next year, the first time New Delhi will do so after Russia hosted the maiden BRIC summit in Yekaterinburg in 2009.

“The agenda of BRICS has gone beyond the purely economic to include issues such as international terrorism, climate change and food and energy security. The world is also witnessing political and security challenges, especially in West Asia,” said Manmohan Singh.

The prime minister stressed that against the backdrop of these global challenges, it was “all the more essential for BRICS countries to closely consult with each other at this time”.

Ways to enhance cooperation within the BRICS are expected to figure in discussions between Manmohan Singh and Russian President Dmitry Medvedev in Moscow Friday.

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