BRICS for universal front to deal with terrorism

From Ammar Zaidi
Antalya

Leaders of the BRICS grouping, including Indian Prime Minister Narendra Modi, today called for setting up an universal counter terrorism front without any pre-conditions to effectively deal with the terror menace.

“BRICS leaders believe it is necessary to set up a universal counter-terrorism front,” said a statement by the group of five emerging economies, quoting Russian Foreign Minister Sergey Lavrov.

The meeting of the heads of BRICS (Brazil, Russia, India, China and South Africa) grouping also made a case for expeditious implementation of the IMF quota reforms to give more say to emerging economies in the affairs of the multilateral lending agency.

Russia holds the chairmanship of BRICS and that will pass to India in February 2016.

Russian President Vladimir Putin said that BRICS member states, as well as G20 countries, are “very much focused on counter-terrorism issues”.

Modi too in his inaugural remarks stressed that the need for a united global effort to combat terrorism has never been “more urgent” in the wake of the deadly Paris attacks over which the world “stands united” in condemnation.

“We stand united in strongly condemning the dreadful acts of terrorism in Paris… The entire humanity must stand together as one against terrorism. The need for a united global effort to combat terrorism has never been more urgent,” Modi said.

The BRICS meeting, which took place on the sidelines of G20 Summit here, was overshadowed by the terror strike in Parish which claimed 129 lives and left over 352 injured.

Lavrov said: “During a discussion, all states shared the opinion that the latest events, including the terrorist attacks in Paris, make it crucial for everyone to set aside any excuses, reasons, any pre-conditions, and focus on setting up a genuinely universal counter-terrorism front…,” he stressed.

In the statement following their meeting, the BRICS leaders also took a stand against politicising economic ties and unilateral sanctions, Lavrov said.

“It was stated that such actions damage the international economic and financial system and must be stopped,” he said.

The BRICS leaders also agreed on the need to ratify documents on reforming the International Monetary Fund (IMF).

“The decision which was taken five years ago on carrying out a reform to increase the quotas and votes that the BRICS countries have in the IMF has been blocked, as the United States has not ratified it,” the Russian Foreign Minister said.

“The statement, which was approved by BRICS leaders today, contains a direct appeal for this ratification to take place, so as not to hurt the IMF’s reputation and legitimacy,” he said.

The IMF quota reforms seek to provide greater say to emerging economies like India and China at the Fund, where the US and large European countries command high influence.

The IMF reviews members’ quotas once in five years and the last such review took place in December, 2010. India has already consented to its quota increase under the review.

Once the review takes effect, India’s share will increase from the current 2.44 per cent to 2.75 per cent, following which the country will become the eighth largest quota holder at the IMF, up from the 11th position.

Modi seeks G20 deadline to lower cost of remittances

Prime Minister Narendra Modi today sought a definite timeline before 2030 for reduction in cost of transferring money, a move that will help India as it is the world’s largest recipient of remittances.

“Remittances are a key source of income for households and support for the economy in developing countries. We should define a target date before 2030 to reduce the high costs of transferring remittances,” he said said in his intervention at G20 Working Lunch on Development and Climate Change here.

With about USD 70 billion in remittances in 2013, India is the largest recipient of officially recorded remittances in the world.

India has been pushing for global efforts to bring down transaction cost for remittances.

The transaction cost has already come down to 7.5 per cent because of a sustained campaign by India, from 10 per cent earlier.

The target is to bring it down to 3 per cent by 2030, NITI Aayog Vice Chairman and G20 Sherpa Arvind Panagariya had told reporters in New Delhi last week.

India pledges to hike renewable energy output to 175GW by 2022

Pledging to quadruple India’s renewable power capacity to 175 gigawatt by 2022 and cut fossil fuel subsidies, Prime Minister Narendra Modi today asked world’s top economies to build support systems focused on nations that have the maximum growth potential.

He also asked them to keep infrastructure financing in developing countries as a key priority.

In his lead intervention at G20 Working Lunch on Development and Climate Change, he offered seven points for consideration which include shift from ‘carbon credit’ to ‘green credit’ and increase in share of traffic on public transport in cities by 30 per cent by 2030.

“I propose that we consider how G20 can build support systems that focus on countries with maximum growth potential, help address specific bottlenecks there and facilitate implementation of country strategies,” he said, adding that the grouping of world’s top 20 economies including US and China must continue to focus on infrastructure.

Clean energy and environment friendly infrastructure, he said, will address both development and climate change.

“Bridging the current gap in infrastructure finance in the developing countries should remain our key priority.

“Through bold economic and governance reforms, we have achieved a growth rate of nearly 7.5 per cent with strong prospects for a higher growth rate in the near future,” he said. “Given our size and scale, India can become a pillar of global growth and stability.”

With India being the largest recipient of remittances in the world, Modi asked G20 to cut transaction cost for transferring money from abroad.

“Remittances are a key source of income for households and support for the economy in developing countries. We should define a target date before 2030 to reduce the high costs of transferring remittances,” he said.

The transaction cost which was about 10 per cent has come down to 7.5 per cent because of sustained campaign by India.

The target is to bring it down to 3 per cent by 2030 but Modi wants this to be achieved earlier.

India can become a pillar of global growth and stability: PM

Projecting India as a pillar of global economic stability, Prime Minister Narendra Modi today said bold reforms has helped the country to clock 7.5 per cent growth that will improve further in coming years.

“Through bold economic and governance reforms, we have achieved a growth rate of nearly 7.5 per cent with strong prospects for a higher growth rate in the near future.

“Given our size and scale, India can become a pillar of global growth and stability,” he told heads of world 20 leading economies.

In his lead intervention at G20 Working Lunch on Development and Climate Change, Modi said India has the world’s largest financial inclusion programme and has “definite target dates” for meeting people’s all basic needs.

He said India is promoting growth and investing in skills to create employment for the youth. The country is also increasing the pace and quality of infrastructure expansion, and investing in making far more productive and resilient.

Referring to the Sustainable Development Goals, Modi said India’s development goals are aligned with the SDGs.

The SDGs are comprehensive set of goals that places complete elimination of poverty in the world by 2030 as its top goal. And, it creates the right balance between growth, development, human welfare and environment, he added.

“G20 must align itself with the SDGs. In doing so, we will also stimulate faster and a more broad-based economic growth,” the Prime Minister said.

In the past one year, the Indian government has announced a host of measures to improve ease of doing business, to streamline taxation and to further liberalise the FDI policy, among other steps.

PM calls for global efforts to check black money menance

Seeking global cooperation to fight black money menace, Prime Minister Narendra Modi today asked G20 nations to freeze and repatriate unaccounted money hoarded abroad.

He also sought immediate implementation of IMF quota reforms to give the emerging markets such as India a greater say and called for steps to strengthen the rule-based global trading system while ensuring that new trading blocks do not divide global trade regime.

Speaking at the meeting of leaders of the BRICS nations on the margins of the G20 Summit here, Modi also called for an early operation of the new multilateral bank that BRICS nations have created to rival the World Bank.

“The G20 should focus on implementation of the decisions to restructure global economic institutions and greater collaboration between multilateral and regional financial institutions,” he said.

Plans agreed in 2010 to give emerging markets more voting power and double the IMF’s resources have been delayed as the US Congress has not approved the change.

“G20 should also enhance long term finance for infrastructure in developing countries as well as develop next generation, climate resilient infrastructure. This would also include converting waste into inputs for infrastructure,” Modi said.

He further said the grouping of world’s top 20 economies should work to lower the cost of global remittances well before 2030 as also coordinate closely “on preventing corruption and cooperation on freezing of unaccounted money hoarded abroad and its repatriation.”

G20 must place priority on effective implementation of Sustainable Development Agenda 2030 and ensure adequate funding for it.

In the area of trade, G20 must focus on “strengthening the rule-based global trading system and ensuring that new trading blocs do not lead to division of the global trade regime, speed up the completion of the Doha Development Agenda and promote greater mobility of skilled professionals and creating a global skill force market.”

End funding channels of terror outfits: Modi

Joining world leaders in calling for joint action against terrorism, Prime Minister Narendra Modi today sought steps to choke financing, supply of arms and communication channels of terrorists and enhance global cooperation to check use of cyber networks by militant groups.

Strongly condemning Friday’s terror attacks in Paris, Modi, at a meeting of the BRICS leaders on the sideline of the G20 Summit here, made a case for united global effort to combat the menace of terrorism.

“We stand united in strongly condemning the dreadful acts of terrorism in Paris,” he said. “The entire humanity must stand together as one against terrorism. The need for a united global effort to combat terrorism has never been more urgent.”

Combating terrorism must also be a priority for BRICS nations, Modi said. “We express deepest sympathy and support to Russia for the loss of life in Sinai. Ankara and Beirut are also reminders of terror’s growing spread and impact”.

Counter-terrorism should become an important aspect of the BRICS countries’ work, Modi said, adding that “the scourge of terrorism is growing, and all humankind should unite to fight it. This must be a priority for BRICS countries as well.”

According to a BRICS statement, other leaders also condemned terror attacks in strong words.

Modi said G20 should promote stronger global action to address security challenges, including through “comprehensive global strategy to put an end to finance, supplies and communication channels of the terrorists”.

It should also stop the flow of arms and explosives to terrorist groups, create special international legal regime to disrupt terrorist activities.

The G20, he said, should cooperate in “preventing the use of cyber networks by terrorist groups” as well as adopt at an early stage Comprehensive Convention on International Terrorism. .

In his intervention at the main G20 Summit, Modi said the meeting is being held under “the tragic shadow of dreadful acts of terrorism” and leaders are “united by a sense shock, pain and outrage”.

“We are united in condemning the barbaric attacks in Paris this week; and, the recent bombings in Ankara and Lebanon. We share the sorrow of Russia for the lost lives in the fallen aircraft in Sinai,” he said. “These alone are a stark reminder of the dark force we face larger than specific groups and particular targets and territories.”

Terror, he said, is a major global challenge. “It not only takes a tragic toll of lives, it also extracts a huge economic cost and threatens our way of life. It calls for a comprehensive global response. Combating it must be major priority for G20,” he said.

The killing of 129 persons in Paris terror attacks linked to the Islamic State ahead of the G20 Summit has put pressure on global leaders to enhance cooperation in their fight against terrorism.

Several leaders including US President Barack Obama, Russian President Vladimir Putin, Chinese President Xi Jinping have condemned the Paris terror strikes.

Meanwhile, as the G20 Summit discussed ways to tackle terrorism and channels of terror financing, the leaders of 20 large economies today observed a minute’s silence for the victims of the deplorable terrorist attacks in Paris.

PTI