BRICS Leaders Informal Meeting on the sidelines of the G-20 Summit

BRICS Leaders Informal Meeting on the sidelines of the G-20 Summit

• BRICS represents 42% of the world's population. Since last few years BRICS has been the engine of Global Growth.
• However, there are still many possibilities of increasing BRICS’s share in world GDP (23%) and trade (16%). They are not in line with our population.
• Globalization has brought millions of people out of poverty. However, there are challenges of equal distribution of benefits of globalization . There has been a streak of continuous difficulties in the path of multilateralism and rule-based world order and protectionism is increasing. Currency devaluation and sharp increase in oil prices are challenging the profits earned over the past few years.
• BRICS countries have been contributing to global sustainability and development. And played an important role in shaping the economic and political structure of the world.
• Made significant contributions in making the architecture of global economic governance more representative and democratic .
• To ensure a rule-based world order BRICS have to work together with multilateral institutions like UN, WTO, UNFCC, World Bank, so as to maintain their relevance and they also reflect the realities of current time. In this regard, India has suggested 'Reformed Multilateralism' in my meeting in Johannesburg.
• Inclusion of topics like the New Industrial Revolution, future of work, etc. In the G20 agenda has enriched the discussion of global development., BRICS countries, are eager to cooperate in the new Industrial Revolution.
• In this context, the topics of globalization and migration must be addressed through better multilateral coordination and cooperation. Managing labor issues in the Global Supply Chain will be necessary to ensure excellent work in the entire value chain. Portability of social security schemes of workers and smooth movement of laborers worldwide is very important.
• Social-economic issues like women's empowerment and sustainable food future will be raised in the G20 Summit. On sustainable development and infrastructure, earlier I had suggested the need for disaster resilient infrastructure. We have to work together to take it forward.
• All agree that terrorism and radicalization are the biggest threats that the whole world is facing today. It is not only a threat to the peace and security, it is also a threat to economic development.
• We have urged all countries for the implementation of FATF standards. BRICS and G20 countries have to work together to strengthen the UN Counter Terrorism Framework to stop terrorist networks, their financing and their movement.
• Need to work together against economic offenders and fugitives. This problem can be a serious threat to the world's economic stability.
• G20 Summit is being headed by a developing country. It is a good opportunity that the focus of the G20 agenda and its results should be brought to the priorities of the developing countries.
• Brazil : forthcoming BRICS Chairmanship.