UFA (Russia): In a veiled critique of the Western powers which would have been cheered by Moscow facing pressure over the Ukraine crisis, India’s Prime Minister Narendra Modi took a strong stand against unilateral sanctions at the BRICS summit.
“Unilateral sanctions are hurting the global economy. So it is very essential that BRICS economies deepen their cooperation. BRICS should also work with other developed regions,” Mr Modi said at the BRICS Business Council meeting in the Russian city of Ufa.
The sanctions imposed by the West after Crimea joined Russia in March 2014 have adversely impacted the Russian economy, shaving off a sizeable portion of its GDP.
“The global economy currently is not strong. Even prominent developed economies like Europe are in crisis. Financial markets are unstable,” he said, while underlining unique strengths of each BRICS economy.
Against this backdrop, the Indian leader pitched for intensifying trade and investment among BRICS countries, which could act as the hub of global growth in the context of fragile economic recovery.
“There are several similarities and resources among the BRICS countries like agriculture, manufacturing, technology, services, human resources, sustainable development,” he said.
Mr Modi backed development of a manufacturing chain across the BRICS countries, saying it will create jobs and benefit all the member nations.
The 7th BRICS summit ended in Ufa with an all-encompassing 43-page joint statement entitled Ufa Declaration, which, among other things, formally adopted the BRICS strategy for economic partnership among emerging economies.
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