Fortaleza: Prime Minister Narendra Modi Tuesday favoured an open, rule-based, international trading regime which is critical for global economic growth and said the BRICS nations should ensure that the new development bank and contingent reserve arrangement should establish a new model.
Addressing the opening session of the sixth BRICS summit here, he said the new trading regime must address aspirations of developing world and accommodate the need of the most vulnerable sections of society especially in areas such as food security.
At the summit, which is likely to establish the new BRICS bank, he said the member countries should ensure these institutions-- New Development Bank, Contingent Reserve Arrangement-- establish a new model.
"The first BRICS Summit took place in the middle of a global economic crisis. BRICS was a ray of hope. It supplemented existing international institutions with newer ideas and mechanisms," the Prime Minister said at the summit attended by Presidents Vladimir Putin of Russia, Xi Jinping of China, Jacob Zuma of South Africa and Dilma Rousseff of Brazil.
"It provided an additional avenue of working for global economic recovery and stability. It was a new voice in the cause of global peace and development. I am happy that we are living up to that promise," he added.
"We will champion clean and frugal resources to maintain sustainability of our development process without constraining our growth," Modi said.
"We will invest heavily in infrastructure, affordable housing, healthcare, education and clean energy."
"We can all partake of the bounty of nature; however, exploitation of nature is a crime," he said.
In his opening remarks, Modi said he was delighted to be at the sixth BRICS Summit.
"This is my first Summit and I look forward to benefiting from your wisdom. I convey my profound gratitude to our gracious host, President Dilma Rousseff, the people, and the Government of Brazil," he said.
He thanked President Zuma for his leadership during South Africa's Chairmanship of BRICS.
"We have made significant progress," he said while noting the the first BRICS Summit took place in the middle of a global economic crisis.
"However, the challenges of economic weakness, and political turmoil are still with us. The need to address them is urgent," he said.
"The choices we make now will shape the future of not just our countries, but the World at large. This is a great responsibility we bear.
"I, thus, commend Brazil for the theme of this Summit ?Inclusive Growth: Sustainable Solutions. It captures our responsibility to humanity, and our obligation to future generations. I am confident that this Summit will be a landmark in this mission I extend our best wishes to Brazil as it assumes the BRICS Chair.
"India offers its full support in taking the BRICS agenda forward for the benefit of our countries, and the world at large," the Prime Minister said.
First Published: Tuesday, July 15, 2014, 22:48