On 30th November, Prime Minister Narendra Modi gave an address at the BRICS Leaders Informal Meeting on the sidelines of the G-20 Summit in Buenos Aires, Argentina.
OUR FACT CHECK
Fact Crescendo team did a fact check of PM Modi’s speech and we found the following:
PM Modi expressed that there is ample opportunity for growth for BRICS countries. As even though they account for nearly 42% of world population and from last few years BRICS countries are global growth engines, but overall BRICS accounts for only 23% GDP & 16% Trade of the world.
“In 2015, the five BRICS countries represent over 3.1 billion people, or about 41% of the world population; four out of five members (excluding South Africa at #24) are in the top 10 of the world by population. As of 2018, these five nations have a combined nominal GDP of US$18.6 trillion, about 23.2% of the gross world product, combined GDP (PPP) of around US$40.55 trillion (32% of World’s GDP PPP) and an estimated US$4.46 trillion in combined foreign reserves. Overall the BRICS are forecasted to expand 4.6% in 2016, from an estimated growth of 3.9% in 2015. The World Bank expected BRICS growth to increase to 5.3% in 2017.” Source: Wikipedia
PM Modi also highlighted the recent challenges in the world, wherein protectionism is increasing, currency devaluation and sharp increase in oil prices.
During his address, PM Modi highlighted the following points:
- Global economic governance architecture has been more inclusive & democratic due to BRICS efforts.
- Working closely with UN, Security Council and various multilateral institutions like WTO, UNFCC, World Bank et.al.
- Reformed Multilateralism
- BRICS countries are eager to co-operate for New Industrial Revolution
- Topics of globalisation & migration to be addressed through multilateral coordination and cooperation.
- Keeping labour issues predominant in global supply chain.
- Implementing best work quality in the whole value chain.
- Portability of social protection schemes & ease of movement of labour force worldwide.
- Empowerment of women, sustainable food future, sustainable development and disaster resilient infrastructure.
PM Modi also highlighted the challenges ahead. He stated that terrorism & radicalisation are the biggest challenges ahead for the whole world.
PM Modi also suggested that:
- All countries should follow & implement the Financial Action Task Force (FATF) standards.
- United Nations (UN) Counter Terrorism Framework needs to be made stronger by BRICS and G-20 countries working together to counter terrorist networks, their financing & movements.
Our readers can know more about this framework from these links:
- To tackle the problem of economic offenders & fugitives together, as this can become a threat to the economic stability of the whole world.
On lighter note, PM Modi thanked the current President of Brazil for his guidance in the last six BRICS meetings and extended his best wishes towards him. His replacement is Jair Bolsonaro, Brazil’s 38th President, who would start his term in 2019.
Fact Crescendo rating is Positive & Factual for PM Modi address at the BRICS leader’s informal meeting on the sidelines of the G-20 summit in Buenos Aires, Argentina.
This is, in fact, the first time a G20 Leaders’ Summit is based in South America. The first meeting was held in Washington, USA in 2008. To know more about G-20 & this summit, view the links below:
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