Thursday, 24 October 2024
Thursday, 24 October 2024
Russia's President Vladimir Putin hosted a landmark BRICS summit in Kazan, bringing together China's Xi Jinping, India's Narendra Modi, and other key leaders from developing economies. The summit marks a significant step in the Kremlin’s efforts to challenge Western clout.
Prime Minister Narendra Modi and Chinese President Xi Jinping held bilateral talks on the margins of the BRICS Summit in Russia, in their first structured meeting in the last five years. The meeting took place two days after India and China firmed up an agreement on patrolling by their militaries along the Line of Actual Control (LAC) in eastern Ladakh, in a major breakthrough to end the over four-year standoff.
President Putin proposed the creation of a BRICS grain exchange, a move that could have profound implications for global trade. "BRICS countries are among the world's largest producers of grains, legumes, and oilseeds. In this regard, we proposed opening a BRICS grain exchange," Putin said.
Amid the ongoing Russia-Ukraine conflict, India's Prime Minister Narendra Modi said, “India supports dialogue and diplomacy, not war,”. The PM called for the resolution of the crisis through peaceful negotiations.
The prime minister didn't stop at diplomacy, making a strong call for collective global efforts to tackle terrorism. He urged BRICS nations to take a firm stance on the issue: “In order to counter terrorism and terror financing, we need the single-minded, firm support of all. There is no place for double standards on this serious matter.”
In addition to these pressing global issues, PM Modi advocated for reforming UN Security Council and other global bodies. “We must move forward in a time-bound manner on reforms in global institutions such as the UN Security Council, Multilateral development banks, and the WTO,” he said.
China's President Xi Jinping urged BRICS countries to deepen financial and economic cooperation, saying the need for reform of the international financial architecture is becoming more urgent. Xi, called for a de-escalation in the Ukrainian crisis, and for no further expansion of the battlefield.
Brazil’s President Luiz Inacio Lula da Silva, participating via video conference due to a head injury, brought up another significant topic—the creation of alternative payment methods between BRICS nations. He stressed that the BRICS New Development Bank was conceived as an alternative to the failing Bretton Woods institutions.
On the sidelines of the summit, PM Modi met Iranian President Masoud Pezeshkian, who emphasized India’s potential role in de-escalating tensions in West Asia.
