PM Narendra Modi at BRICS Summit 2019: Terrorism Results in USD 1 Trillion Loss to World Economy
Prime Minister Narendra Modi (Photo Credits: ANI/File)

Brasilia, November 14: Terrorism has caused USD 1 trillion loss to the world economy and the atmosphere it created has indirectly and deeply harmed trade and business, Prime Minister Narendra Modi said on Thursday at the BRICS Summit here as he welcomed increased cooperation from the members of the grouping.

Addressing the Plenary Session of the 11th BRICS Summit at the iconic Itamaraty Palace in the presence of the Presidents of Brazil, China, Russia and South Africa, Prime Minister Modi said terrorism has emerged as the biggest threat to the development, peace and prosperity.

"According to some estimates, the economic growth of developing nations has decreased by 1.5 per cent due to terrorism," he said, adding that the scourge has caused USD 1 trillion loss to the world economy.

In 10 years, terrorism has claimed the lives of about 2.25 lakh people and destroyed societies, Modi said. BRICS Summit 2019: PM Narendra Modi Meets Jair Bolsonaro, Holds 'Fruitful' Talks with Brazilian President.

"The atmosphere of doubt created by terrorism, terror financing, drug trafficking and organised crime indirectly and deeply harms trade and business. I am happy that the first seminar on BRICS Strategies for Countering Terrorism was organised.

"We hope that such efforts and activities of the five working groups will increase strong BRICS Security Cooperation against terrorism and other organised crimes," the Prime Minister said.

He said that sustainable water management and sanitation are important challenges in urban areas. "I propose to hold the first meeting of BRICS water ministers in India," Modi said. "Recently, we started 'Fit India Movement'. I want to increase contacts and exchanges between us in the field of fitness and health," he said. PM Narendra Modi Arrives in Brasilia for 11th BRICS Summit, Will Meet Vladimir Putin and Xi Jinping.

Modi also emphasised on paying special attention to mutual trade and investment, saying intra-BRICS trade accounts for just 15 per cent of the world trade, while its combined population is over 40 per cent of the world's population.

"Now we need to discuss the direction of BRICS, and how to mutually cooperate more effective in the next 10 years. Despite success in many areas, there is considerable scope to increase efforts in some areas.

"The theme of this summit - 'Economic growth for an innovative future', is very apt. Innovation has become the basis of our development. Therefore, it is necessary that we strengthen cooperation for innovation under BRICS," the Prime Minister added.

Leaders of Brazil, Russia, India, China and South Africa on Thursday opened the 11th BRICS Summit where deliberations are took place on key areas such as trade, investment and counter-terrorism.

Ahead of the summit, BRICS leaders -- Brazilian President Jair Bolsonaro, Prime Minister Modi, Chinese President Xi Jinping, Russian President Vladimir Putin and South African President Cyril Ramaphosa -- posed for a group photo.

Brazil is the current chair of the grouping which represents over 3.6 billion people, or half of the world population and they have a combined nominal GDP of USD 16.6 trillion.