As several top leaders of BRICS nations converged in Brazilian city of Rio de Janeiro on Sunday for the 17th BRICS summit, Prime Minister Narendra Modi said that BRICS remains a powerful force for economic cooperation and global good.
Speaking at the BRICS summit, PM Modi said: "In the age of AI, where technology is updated every week, it is not acceptable for a global institution not to be updated even once in eighty years. Twentieth-century typewriters cannot run twenty-first-century software."
"The Global South has often been a victim of double standards. Whether it is about development, distribution of resources, or security-related issues, the interests of the Global South have not been given priority. On issues like climate finance, sustainable development, and technology access, the Global South has often received nothing but token gestures," he added.
The prime minister opined that global institutions formed in the 20th century are unable to deal with the challenges of the 21st century. "Whether it is the ongoing conflicts in different parts of the world, pandemics, economic crises, or the newly emerging challenges in cyberspace, these institutions have no solutions," he remarked.
"Today, the world needs a new, multipolar, and inclusive world order. It will have to start with comprehensive reforms in global institutions. Reforms should not be merely symbolic, but their real impact should also be visible," he added.
PM said that two-thirds of humanity has not been adequately represented in the global institutions formed in the 20th century. "Countries that have a major contribution to today's global economy have not been given a place at the decision-making table. This is not just a question of representation but also a question of credibility and effectiveness. Without the Global South, these institutions seem like a mobile with a SIM card but no network," he added.
Talking about the emergence of the nations' group, PM said, "The expansion of BRICS and the joining of new friends is proof that BRICS is an organisation that can change itself according to the times. Now, we will have to show the same willpower for reforms in institutions like the UN Security Council, WTO and Multilateral Development Banks."
The BRICS has emerged as an influential grouping as it brings together 11 major emerging economies of the world, representing around 49.5 per cent of the global population, around 40 per cent of the global GDP and around 26 per cent of the global trade.
BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates, with Indonesia joining in 2025.
Chinese President Xi Jinping and his Russian counterpart Vladimir Putin skipped the summit, being hosted by Brazil in its capacity as the current chair of the influential grouping.
PM arrived in Brazil on Saturday night on the fourth leg of his five-nation tour. He has already visited Ghana, Trinidad and Tobago and Argentina.
The situation in West Asia, the Russia-Ukraine conflict and challenges facing the Global South are likely to figure prominently at the BRICS Summit.
"Grateful to President Lula for hosting this year’s BRICS Summit in Rio de Janeiro. BRICS remains a powerful force for economic cooperation and global good," Modi said in a social media post after he was welcomed at the venue of the summit by the Brazilian leader.
The motto of the Brazilian presidency of BRICS is "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance".
The summit will culminate in two high-level declarations on financing the climate change regime and the governance of artificial intelligence.
Enhancing the use of national currencies in settling intra-BRICS trade may also figure in the discussions at the summit.
India will assume the presidency of BRICS next year.
(With PTI inputs)
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