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India, Russia hail BRICS role in boosting world economy

MOSCOW: India and Russia today noted the enhanced role played by BRICS nations as part of global efforts for a strong, sustainable and growing world economy and also acknowledged the contribution of the SCO group for ensuring peace and development in Eurasia. 

Both nations were positive on the outcome of the BRICS Summit in South Africa held in March and noted the increased role which BRICS played in the efforts of the international community aimed at bringing the world economy to the path of strong, sustainable and balanced growth, according to a joint statement issued after talks between Prime Minister 
Manmohan Singh and Russian President Vladimir Putin. 

The BRICS bloc comprises of Brazil, Russia, India, China and South Africa which are all developing or newly industrialised countries, but are distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are 

India and Russia stand for strengthening of BRICS as a mechanism for strategic and ongoing coordination of the activities undertaken by the member states on a growing range of international political and economic issues, the statement said. 

The two sides also confirmed their full support for the eThekwini Action Plan adopted at the BRICS Summit in 2013 and expressed determination to contribute actively to its implementation. 

India and Russia stressed the importance of developing all aspects of multilateral cooperation within BRICS as the most solid basis for further strengthening of diverse ties among its members and expressed support for the projects for establishing the BRICS Development Bank and the Contingent Reserve Arrangement among member states. 

The five BRICS countries represent almost 3 billion people, with a combined nominal 
GDPof over USD 16 trillion, and an estimated USD 4 trillion in combined forex reserves. 

The Indian side agreed to consider the Russian proposal to develop a Strategy of Multilateral Economic Cooperation of BRICS member states. 

The two nations expressed confidence that the forthcoming BRICS summit in Brazil would help strengthen the role of the bloc on the international stage. 

Russia also commended India's active participation in the Shanghai Cooperation Organisation (SCO) as an observer state and reiterated its strong support for New Delhi's bid for full membership of the SCO. 

They agreed that the SCO contributed significantly to ensuring peace and stability, economic development and prosperity in Eurasia. 

The SCO is a political, economic and military organisation focusing on 
Central Asia founded in 2001 in Shanghai by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan.