New Delhi

Prime Minister Narendra Modi today said that cooperation between BRICS nations has directly benefitted citizens and made useful contribution to post-Covid global recovery.

BRIC is a grouping acronym which refers to the countries of Brazil, Russia, India and China deemed to be developing countries at a similar stage of newly advanced economic development, on their way to becoming developed countries. It is typically rendered as "the BRIC," "the BRIC countries," "the BRIC economies," or alternatively as the "Big Four". The name was changed to BRICS following the addition of South Africa in 2010. 

In his opening remarks in virtual format at the XIVth BRICS summit, Mr Modi said that there are many areas where the lives of our citizens are getting directly benefitted from our mutual cooperation. “For example, establishment of vaccine R&D centre, coordination among custom departments, establishment of shared satellite constellation, mutual recognition of pharma products, etc. Such practical steps make BRICS a unique international organization whose focus is not just limited to dialogue.’’

He acknowledged that BRICS member countries have had a very similar view of the governance of the global economy. “And so our mutual cooperation can make a useful contribution to post-Covid global recovery.’’

He said that leaders of BRICS countries are meeting virtually for the third consecutive year amid the challenges of the Covid pandemic. ‘’Even though the scale of the epidemic has reduced globally than before, however many of its ill effects are still visible in the global economy.’’

Mr Modi said that several institutional reforms made in BRICS over the years have increased the effectiveness of this organization. “It is also a matter of happiness that the membership of our New Development Bank has also increased. BRICS Youth Summits, BRICS Sports, and increase in exchanges amongst our civil society organizations and think-tanks have strengthened our people-to-people contact. I am confident that today's discussion will bring out many suggestions to further strengthen our BRICS ties,’’ he said.

The Prime Minister began by conveying greetings on occasion of International Day of Yoga to participating heads of states of Brazil, China, Russia and South Africa. He thanked and congratulated all of them for the spectacular events that took place in all the BRICS countries.