"As we look to the future, the progress over the past five years encourages us to set higher ambitions, seek new avenues and set new goals for our cooperation," the prime minister told the plenary session of the fifth edition of BRICS summit in this coastal city of South Africa.
"However our roadmap for the future should focus on consolidating and deepening our existing cooperation. We should also carefully prioritise existing and new areas, keeping in view our strengths, our resources and the difference we can make, both for our people and the world," he said.
Accordingly, he made five suggestions:
- Respond to the persisting weakness in the global economy by deploying adequate resources to revive growth.
- Look at research and development and related exchanges through the prism of emerging economies rather than focus on the developed world.
- Make economic development more broad-based and inclusive, not just as a moral imperative but also as a pragmatic approach.
- Work more cohesively at global forums to advance the agenda of sustained economic recovery and balanced outcome on issues related to trade, development and environment.
- Work closely for the reform of global institutions of political and economic governance like the UN Security Council and the International Monetary Fund that reflects contemporary realities.
"It is my belief that over the last five summits, our forum has become more cohesive and more relevant. We derive as much value from our diversity as from our synergies -- equally, we stand to benefit enormously from our convergence and collective strength," the prime minister said.
"The world today faces uncertainties, turbulence and transition on an unprecedented scale, leading to multiple economic and security challenges for us. Terrorism, piracy and the emerging threats from cyber-space are important security concerns for us," he said.
"It is incumbent upon us to use our collective voice and capacity and make an effective and meaningful contribution to addressing these challenges and fostering global peace, stability and security."