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BRICS summit: GST is India's biggest economic reform ever, says PM Modi to business council

WION Web Team Xiamen, Fujian, China Sep 04, 2017, 01.58 AM (IST)

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The BRICS summit got underway today in Xiamen, China. PM Modi arrived at the International Conference Center. The summit takes place as India and China decided on "expeditious disengagement" of troops at the border in Doklam area on August 28.

 

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Russian President Putin arrives at the International Conference Centre. PM Modi is set to meet President Putin today.

 

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Prime Minister Modi is set to attend the meeting with BRICS Business Council today. PM Modi will also attend BRICS plenary session and the opening ceremony of BRICS Cultural Festival in Xiamen.

 


 

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Chinese President Xi Jinping opened the annual BRICS summit this morning. The BRICS countries comprising of Brazil, Russia, India, China and South Africa have gathered in the southeastern Chinese city of Xiamen.

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Brazil's President Michel Temer, Russian President Vladimir Putin, Chinese President Xi Jinping, South Africa's President Jacob Zuma and Indian Prime Minister Narendra Modi pose for a group photo during the BRICS Summit at Xiamen. (AFP)

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Speaking at the plenary session at the BRICS summit, Chinese president Xi Jinping said: "We should speak with one voice and jointly present our solutions to issues concerning international peace & development."

"Despite our differences in national conditions, our five countries are in a similar stage of development and the share same development cause," the Chinese president added.

"As the world undergoes profound changes, BRICS cooperation has become more important," Chinese President Xi Jinping said.

 



 

 

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"Without our participation, many pressing global challenges cannot be effectively resolved," Chinese President Xi Jinping said while addressing world leaders at the BRICS summit. 

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"Our ever closer ties with the rest of the world require that we play a more active part in global governance," President Xi Jinping asserted.

"China will contribute $4 million to NDB(New Development Bank, also called the BRICS Development Bank) project preparation facility to support business operation & long term development of the bank," President Xi Jinping said.

"Pleased to note important consensus reached at leadership level on closer people to people exchanges being translated into reality," President Xi Jinping said at the opening address at BRICS summit in Xiamen, China.

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"BRICS countries should deepen ties," PM Modi said while addressing leaders at the plenary session.

 

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Chinese President Xi Jinping shakes hands with Prime Minister Modi ahead of the BRICS summit at the Xiamen International Conference and Exhibition Center in Xiamen. (AFP)

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"Cooperation important for peace and development," PM Modi said at the BRICS plenary session in Xiamen.

"NDB has started disbursing loans to mobilise sources of infrastructure and sustainable development in BRICS countries," PM Modi added.

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"BRICS countries can work closely with ISA(International Solar Alliance) to strengthen the solar energy agenda," PM Modi said at the BRICS plenary session.

"Our central banks must further strengthen their capabilities and promote co-operation between the Contingent Reserve Arrangement & the IMF," PM Modi added.

"A strong BRICS partnership and innovation I am sure will be the instrument for progress," the Indian prime minister said.

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BRICS has developed a robust framework for cooperation and contributed to stability and growth in a world drifting towards uncertainty: PM Modi

During his speech at the BRICS summit, PM Modi sought an early creation of BRICS rating agency to cater to financing needs of sovereign and corporate entities of developing countries.

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Leaders at the BRICS summit declared they "deplored terrorism in all its forms & manifestations wherever committed by whomsoever" and stressed that there can be no justification for it.

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"We strongly deplore the nuclear test conducted by DPRK (Democratic People's Republic of Korea)," BRICS leaders Xiamen Declaration.

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The Goods and Service Tax is India's biggest economic reform ever: PM Modi to BRICS business council

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