DURBAN: India, Asia’s third largest economy and an aspiring member of the UN Security Council, will make a robust pitch for recasting the global governance order at the two-day BRICS summit in Durban.
Indian Prime Minister Manmohan Singh, who touched down in Durban March 25 to a warm welcome by his South Africa hosts, has projected the five-nation groping as a fountain of global growth and macro-economic stability in times of the global slowdown.
Ahead of the two-day summit that begins March 26, Manmohan Singh, an economist by training, had said that he looked forward to engaging with the other BRICS leaders on ways to step up global growth, sustain macroeconomic stability and promote investments.
“At a time when the world is facing multiple challenges, the Durban Summit provides a useful and timely opportunity to consult and coordinate on a broad range of issues with our BRICS partners,” he said.
“We will discuss ways to revive global growth and ensure macro-economic stability, as well as mechanisms and measures to promote investment in infrastructure and sustainable development,” he said.
“India will also urge faster movement on reform of institutions of global political and economic governance. It is important that BRICS continue to consult closely on developments affecting global peace and security.”
According to Indian officials, India is reasonably optimistic about key outcomes of the BRICS summit. The 5th BRICS summit is expected to culminate in four substantive deliverables:
I) The eThekwini Declaration, named after the Afrikaan name for Durban, which will lay out the future roadmap for the bloc
– The launch up of the BRICS Business Council Wednesday at the breakfast meeting among leaders.
– A consortium of five think tanks from each of the five countries, with India represented by the Observer Research Foundation.
– Two pacts on BRICS Multilateral Infrastructure Co-financing Agreement for Africa and BRICS Multilateral Cooperation and Co-financing Agreement for Sustainable Development where India is represented by its Exim Bank.
India Writes Network
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- Manish Chand is Founder-CEO and Editor-in-Chief of India Writes Network (www.indiawrites.org) and India and World, a pioneering magazine focused on international affairs. He is CEO/Director of TGII Media Private Limited, an India-based media, publishing, research and consultancy company.
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