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A file photo of Prime Minister Narendra Modi. Photo: Mint
A file photo of Prime Minister Narendra Modi. Photo: Mint

Narendra Modi pitches for rule-based, international trading regime

Modi said the new trading regime must address aspirations of developing world and accommodate the need of the most vulnerable sections of society

Fortaleza: Prime Minister Narendra Modi on Tuesday favoured an open, rule-based, international trading regime which is critical for global economic growth and said the BRICS nations should ensure that the new development bank and contingent reserve arrangement should establish a new model.

Addressing the opening session of the sixth BRICS summit in Fortaleza, he said the new trading regime must address aspirations of developing world and accommodate the need of the most vulnerable sections of society especially in areas such as food security.

At the summit, which is likely to establish the new BRICS bank, he said the member countries should ensure these institutions — New Development Bank, Contingent Reserve Arrangement — establish a new model.

“The first BRICS Summit took place in the middle of a global economic crisis. BRICS was a ray of hope. It supplemented existing international institutions with newer ideas and mechanisms," the prime minister said at the summit attended by Presidents Vladimir Putin of Russia, Xi Jinping of China, Jacob Zuma of South Africa and Dilma Rousseff of Brazil.

“It provided an additional avenue of working for global economic recovery and stability. It was a new voice in the cause of global peace and development. I am happy that we are living up to that promise," he added.

“We will champion clean and frugal resources to maintain sustainability of our development process without constraining our growth," Modi said.

“We will invest heavily in infrastructure, affordable housing, healthcare, education and clean energy." “We can all partake of the bounty of nature; however, exploitation of nature is a crime," he said.

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