India, China call on Global South to expedite governance reforms
Leaders of the BRICS group of developing nations called for reforms of global institutions and presented the bloc as a haven for multilateral diplomacy amid violent conflicts and trade wars.
Finance Minister Nirmala Sitharaman said BRICS was a vital platform for advancing inclusive multilateralism especially when global institutions are facing a crisis of legitimacy and representation.
Chinese Premier Li Qiang said BRICS countries should strive to become the vanguard in advancing the global governance reform agenda to build a better world.
On similar lines on the climate change front, the group addressed the shared challenges of global warming by demanding that wealthy nations fund mitigation of greenhouse gas emissions in poorer nations.
PM Modi said, “For India, climate justice is no alternative; it is a moral duty.”
India will hold the BRICS presidency next year. Modi added, “Under India’s presidency, we will work to define BRICS in a new form. BRICS will mean — Building Resilience and Innovation for Cooperation and Sustainability,” he said.
A joint statement from BRICS leaders released on Sunday argued that petroleum will continue to play an important role in the global energy mix, particularly in developing economies — in another sign that the increasingly heterogeneous BRICS group faces challenges finding a unified position on major issues.
India’s outreach
As part of India’s bilateral outreach on the sidelines of the summit, PM Modi reviewed the ASEAN-India FTA with his Malaysian counterpart Anwar bin Ibrahim.
The review of the agreement is a long-standing demand of Indian industry and India is looking forward to an upgraded pact, which will address the current asymmetries in bilateral trade and will make trade more balanced.
Separately, Prime Minister Modi met Cuban President Miguel Diaz-Canel Bermudez on Sunday and discussed ways to bolster bilateral ties across key sectors such as pharmaceuticals, biotechnology, traditional medicine and digital public infrastructure.
Modi also met Bolivian President Luis Alberto Arce Catacora and discussed ways to bolster cooperation in areas such as critical minerals, trade and investment, healthcare and space, among others. He also met met Uruguay’s President Yamandú Orsi.
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