World / Terrorism causes 1 trillion dollar loss to Global Economy: PM Modi

Prime Minister Narendra Modi addressed the main session of the BRICS Summit on Thursday. He said, "The global economy suffers $ 1 trillion in damage due to terrorism. It is the biggest threat to development, peace and prosperity. This has reduced the economic growth of developing nations by 1.5%. ”

Modi said, “The environment created by terrorism, terror funding, drug trafficking and organized crime damages businesses and businesses. I am happy that a seminar on BRICS strategy for combating terrorism was organized.

BRICS leaders said - Urgent need for reform in the United Nations

Prime Minister Narendra Modi emphasized that the leaders of BRICS countries should urgently reform it to strengthen the United Nations. The leaders also stressed the need for reform of the World Trade Organization (WTO) and the International Monetary Fund (IMF) to meet the key challenges facing developing countries.

BRICS countries need to focus on trade and investment: Modi 

"Even after the recession, BRICS member nations contribute almost half of the global economic development," Modi said. These include Brazil, Russia, India, China and South Africa. We need to focus on trade and investment between BRICS countries. Right now, only 15% of world trade takes place between BRICS countries. We have recently launched the Fit India Movement. I want to increase dialogue between the BRICS countries in the field of fitness and health. ”

BRICS is composed of the world's five largest economies of Brazil, Russia, India, China and South Africa. BRICS countries account for 42% of the world's total population and 23% of GDP. The five countries account for 17% of world trade.