The BRICS member nations have a similar approach to the governance of the global economy and mutual cooperation can make a useful contribution to the post-Covid economic recovery, Prime Minister Narendra Modi said on Thursday.

The Prime Minister said this in his opening remarks at the virtual BRICS annual summit in presence of Chinese President Xi Jinping, Russian President Vladimir Putin and top leaders of Brazil and South Africa. The summit is being hosted by China as the Chair for this year.

The BRICS (Brazil-Russia-India-China-South Africa) brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.

"Our mutual cooperation can make a useful contribution to the global post-Covid recovery," Modi said.

He said the structural changes undertaken in the BRICS in the last few years increased the influence of the grouping.

It is a matter of happiness that membership of the New Development Bank (NDB) has increased, Modi said adding cooperation among the member countries has benefitted their citizens.

"I am confident that our deliberations today will produce suggestions to further strengthen our ties," he said.