Buenos Aires: Prime Minister Narendra Modi on Friday, November 30, said it was time the developing nations’ priorities found a place of preference on the G-20 agenda and called for strengthening the important multilateral institutions like FATF so that to curb terror financing.
Speaking at the BRICS leaders’ informal meeting on the sidelines of the G-20 Summit here, Modi said: “The basis of our mutual cooperation in G-20 is getting stronger. The grouping is being led by a developing country. It is a good opportunity; the priorities of the developing member nations should find preference in the G-20 agenda.”
He reaffirmed India’s commitment to globalisation and reformed multilateralism.
Modi advocated the strengthening of the United Nations’ counter-terrorism network and urged the BRICS and G-20 nations to work unitedly towards that goal.
“The important multilateral institutions like FATF (Financial Action Task Force) and other such institutions must be strengthened so that financing for terror and other illegal activities can be curbed,” he said.
The Prime Minister also highlighted the issue of economic offenders and the need to bring them to justice. He received support from other BRICS leaders on the issue.
“There is need to work together against financial fraudsters and fugitives. This problem may manifest as a serious threat to the global financial stability,” Modi said.
The Prime Minister spoke of the need for reform of multilateral institutions including the United Nations and its Security Council and said all countries should speak with a single voice.
He said that beneficiaries of global growth, India as well as the other BRICS countries, should make whatever contribution they can to ensure the global trading and financial system and to bring reforms into it, so that emerging economies can get a voice.
Talking to reporters, Foreign Secretary Vijay Gokhale said there was a “complete unanimity” of views both on international political situation and international economic situation.
“They all agreed that international and multilateral trading institutions and processes must be supported. They must be reformed. Protectionism needs to be countered and that the BRICS countries have a major contribution in all these processes,” he said.
Gokhale said the meeting of the BRICS countries was very successful and reflected India’s position in terms of unanimity of views with all other countries on such issues.
