Modi heads to Brazil for first multilateral engagement

Projecting a nuanced foreign policy approach of the new government, Prime Minister Narendra Modi today said India will discuss at the BRICS Summit this week efforts to address regional crisis and security threats to restore a climate of peace, while advancing global economic stability.

In a departure statement before leaving for Berlin en route Fortaleza in Brazil for his first multilateral engagement with global leaders, he also said that India looks forward to the BRICS initiative for setting up the New Development Bank and Contingent Reserve Arrangement.

BRICS development bank

The BRICS Development Bank with a corpus of $100 million will fund projects in a number of countries and other developing countries. India along with China is in contention for establishing its headquarters either in New Delhi or in Shanghai.

Modi is visiting Brazil at the invitation of Brazilian President Dilma Rousseff to attend the Sixth BRICS Summit being held in Fortaleza and Brasilia on July 15-16.

Political turmoil, human crisis

The Prime Minister noted that the meeting is taking place at a time of political turmoil, conflict and human crisis in several parts of the world.

There is also persisting weaknesses and unrest in the global economy. Many emerging economies have experienced a slowdown which has increased the challenge of pursuing inclusive and economic development, he said.

“I look at the BRICS Summit as an opportunity to discuss with my BRICS partners how we can contribute to international efforts to address regional crises, address security threats and restore a climate of peace and stability in the world,” he said.

“I also look forward to our discussions to further advance intra-BRICS economic cooperation and our collective efforts to advance global economic stability and prosperity.

In particular, I look forward to the successful conclusion of major BRICS initiatives, like the New Development Bank and the Contingent Reserve Arrangement, which have seen significant progress since their launch in New Delhi in 2012,” he said.

Growth, stability

The Prime Minister said these initiatives will support growth and stability in BRICS and also benefit other developing countries.

He said India attaches high importance to the BRICS forum for promoting global economic growth, peace and stability.

“The meeting in Brazil will usher in the second cycle of BRICS Summits. We meet at a time of political turmoil, conflict and humanitarian crisis in several parts of the world, and persisting weakness and risks in the global economy. Many emerging economies have experienced a slowdown, which has increased the challenge of pursuing inclusive and sustainable economic development,” Modi said.

The Summit theme, 'Inclusive Growth; Sustainable Development', will enable to shape the post-2015 Development Agenda being discussed in the United Nations, he said.

Noting that the Summit will also be an occasion for his first meetings as Prime Minister with the leaders of important global partners — Brazil, China, Russia and South Africa, he said, “I look forward to meaningful meetings with them to intensify bilateral relations and exchange views on global and regional developments.”

The Summit will also afford an opportunity to interact with a number of leaders of South American countries at a meeting being hosted by Brazil.

Observing that India has traditionally enjoyed close, cordial and mutually beneficial ties with these countries, the Prime Minister said, “We share common aspirations and challenges. The Indian Diaspora in these countries also serves as the continent’s enduring link with India.”

“South America’s all-round progress makes it a potentially important pole of the global economy and a land of enormous opportunities for us. My interactions would enable us to explore new ideas on further consolidating and expanding our ties with South America,” he said.

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