Johannesburg [South Africa], August 23 : India took the lead in forging consensus on membership criteria and in the selection of new members for the BRICS grouping during the Leaders' Retreat, according to the sources.
As per the sources a significant development took place in BRICS expansion during the Leaders' Retreat on Tuesday.
Prime Minister Narendra Modi on Tuesday attended the BRICS Leaders Retreat, where the leaders of the grouping deliberated on global developments and explored how to utilize the BRICS platform effectively to address and resolve global challenges.
PM Modi arrived in South Africa on Tuesday. Upon his arrival, PM Modi received a rousing welcome from the Indian diaspora who were chanting 'Vande Mataram' and the members of the Indian community who were waiting for PM Modi's arrival to welcome him with 'dhols' outside the Sandton Sun Hotel in Johannesburg.
This is PM Modi's third visit to South Africa and the trip marks the 30th anniversary of the diplomatic relationship between India and South Africa.
The opening day of the 15th BRICS Summit in Johannesburg was witness to the BRICS Business Forum Leaders’ Dialogue.
In his address at the BRICS Business Forum Leaders' Dialogue, PM Modi said India will soon be a 5 trillion dollar economy and in the coming years will be the growth engine of the world.
PM Modi’s special message to the dialogue was that mutual trust and transparency that can help create a big impact, especially in the Global South.
Meanwhile, South African President Cyril Ramaphosa said as Africa has an urbanised population it can provide a stable workforce in future, and BRICS countries have an opportunity to contribute to and participate in Africa's growth story.
"Africa has a young digitally connecting and urbanizing population. A population that provides a stable workforce for companies in future. The investment in skills... continues to grow," President Ramaphosa said.
Brazil's President Luiz Inacio Lula da Silva, Chinese President Xi Jinping and Russia's Foreign Minister Sergei Lavrov attended the event.
Initially formed as BRIC, a visionary concept coined by Goldman Sachs economist Jim O’Neil in 2001, BRICS comprises Brazil, Russia, India, and China - a collective representation of burgeoning emerging markets brimming with current and future economic prowess. In a momentous development in 2010, South Africa joined the bloc, prompting a change in the acronym BRICS.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor