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BRICS must together address global governance deficiencies: PM

New Delhi, Thu, 29 Mar 2012 ANI

New Delhi, Mar 29 (ANI): The Prime Minister, Dr. Manmohan Singh, on Thursday said that the BRICS countries which comprise the emerging economic powerhouses of Brazil, Russia, India, China and South Africa, must work together to address deficiencies in global governance.

Addressing the plenary session of the fourth BRICS Summit here, Dr. Singh said:"Institutions of global political and economic governance created more than six decades ago have not kept pace with the changing world. While some progress has been made in international financial institutions, there is lack of movement on the political side. So, BRICS should work together to address deficiencies in global governance."

Asserting that BRICS is united in its desire to promote sustained and balanced global economic growth, Dr. Singh said: "As members of the G-20, we must together ensure that appropriate solutions are found to help Europe help itself and to ensure policy coordination that can revive global growth."

"We should also cooperate closely to breathe life into the Doha Round, looking for innovative solutions to overcome barriers that have stalled progress," he added.

To revive global demand and growth, Dr. Singh said: " We must address the important issue of expanding the capital base of the World Bank and other multilateral development banks to enable these institutions to perform their appropriate role in financing infrastructure development."

"We should make a special effort to find ways to exploit intra-BRICS complementarities. We should promote greater interaction amongst our business communities. Issues such as easier business visas must be prioritized. As large trading countries, BRICS have a strong interest in removing barriers to trade and investment flows and avoiding protectionist measures," he added.

Dr. Singh further said BRICS countries should speak in one voice on issues such as UNSC reforms.

He revealed that during the BRICS leaders restricted session, they had discussed the turmoil in West Asia and agreed to work together for a peaceful resolution of the crisis.

He also emphasised the need to restore stability in Afghanistan and the importance of sustained international commitment to its future.

"We have drawn up an ambitious Action Plan that will be adopted today along with the BRICS Delhi Declaration. I hope that we will be able to collaborate and cooperate with each other to shape global developments and bring tangible benefits to our peoples," he said. (ANI)

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