New Delhi, Sep 12 (SocialNews.XYZ) Backing Prime Minister Narendra Modi's remarks on significance of BRICS economies, experts on Saturday said the bloc has become a major driver of global growth and holds substantial potential to deepen trade, investment and multilateral cooperation.
Speaking to IANS, former Commerce Secretary Ajay Dua backed PM Modi's remarks on the growing importance of BRICS economies.
Dua said the Prime Minister's assessment was absolutely correct and noted that while the global economy has expanded at an average rate of around 3.5 per cent annually in recent years, BRICS nations, particularly India and China have recorded significantly higher growth rates.
"I think what the Prime Minister Narendra Modi has said is absolutely correct. While the world has grown at about three-and-a-half per cent annually in the last ten years or so, the average of the BRICS countries, particularly India, has been very much higher," he told IANS.
However, Dua cautioned that achieving greater economic self-reliance remains a complex challenge for individual nations.
"If you talk about individual countries becoming more self-reliant, that is always more difficult. We have experienced ourselves that for Make in India or Indian self-sufficiency, particularly in manufacturing, the progress has been sectoral and not across the board," he added.
Echoing the significance of the grouping, Lakshmi Narayanan, Chairman of SWFI highlighted the growing economic weight of BRICS nations.
According to him, the BRICS economies together account for nearly $33 trillion in GDP, representing around 27 per cent of the global economy.
On a purchasing power parity basis, the combined economic strength of BRICS and allied nations is estimated at about $82 trillion, exceeding that of the G20, Narayanan added. He said trade and commerce are expected to be at the centre of discussions among BRICS nations, especially at a time when member countries have been impacted by global trade disruptions.
"The core focus will be on trade and commerce and bilateral trade because all the BRICS countries have been impacted. That, I expect, will be one of the key outcomes," he said.
He further said that from the iBRICS perspective, the target is to facilitate investments worth $1 trillion into the BRICS economy to support development and strengthen economic cooperation among member nations.
Meanwhile, Stephane Dujarric, spokesperson for the UN Secretary-General underscored the importance of multilateral cooperation and constructive engagement among countries.
"From the Secretary-General's point of view, the important thing is intense multilateralism. What we need to see is countries reaching positive deals between regional blocs and between countries, which can help lower tensions that naturally exist at times," Dujarric said.
He added that BRICS, given its substantial share of the global population and economic output, has an important role to play in promoting dialogue and cooperation at the international level.
Source: IANS
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