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Modi lauds BRICS achievements, calling 8th summit success

Xinhua, October 16, 2016 Adjust font size:

Indian Prime Minister Narendra Modi concluded the eighth summit of the emerging-market bloc of BRICS that groups Brazil, Russia, India, China and South Africa in the southern Indian state of Goa on Sunday, thanking the other leaders for their support to make the summit a success.

"We have adopted the Goa declaration that lays down a comprehensive vision for our cooperation within BRICS and on international issues," said the prime minister in a press conference after the summit and signing ceremony of a series of agreements and MoUs.

Three agreements and MoUs on agricultural research, co-operation between diplomatic academies and regulations on custom cooperation have been reached at the summit.

"Our discussions that spread over three sessions today were detailed substantive and productive," said the prime minister, adding that putting global economy back on track was one of the topics.

On achievement of BRICS, Modi said the footprint of intra-BRICS engagement has expanded over time to include large areas of economic activity.

He said the establishment of the New Development Bank and the Contingency Reserve Arrangement are "indeed signature achievements."

"In a world of new security challenges and continuing economic uncertainties, BRICS stands as a beacon of peace potential and promise," he said.

BRICS is committed to strengthening consultations and cooperation on peace and security matters, he said, noting that the bloc is unanimous in recognizing the threat that terrorism, extremism and radicalization present.

Modi said the BRICS leaders were united in their view to establish a BRICS agri-research platform, railway research network, sports council, and various youth-centric fora, and had agreed to fast track the setting up of a BRICS Rating Agency based on market-oriented principles to "further bridge the gap in the global financial architecture."

The leader also called for enhanced people-to-people exchanges and cooperations within the BRICS.

The five BRICS leaders just met last month in the eastern Chinese city of Hangzhou when China hosted the summit of the Group of 20 (G20) major economies. Endit