Question

What lessons can India take from its BRICS partners in order to ensure economic stability and growth?

Answer 1

BRICS cooperation is aimed at complementing and strengthening existing bilateral and multilateral relations between Member States. The Strategy for BRICS Economic Partnership (referred hereinafter as the BRICS Strategy) contributed to increasing the economic growth and competitiveness of the BRICS economies in the global arena.

》Following lessons India can take from BRICS partners in order to ensure economic stability and growth:

Full respect for the sovereignty of the Member States.

Using extensively human capacity building mechanisms to increase production capacity and exports of the Member States.

Openness, sharing of information and consensus in decision-making.

Commitment to the rules and principles of the multilateral trading system as embodied in the World Trade Organization (WTO).

Recognition of the multipolar nature of the global economic and financial system.

Support for greater exchanges of best practices in enhancing business environment.

Transparency and predictability in the investment environment in line with national policies and priorities.

Commitment to supporting sustainable development, strong, balanced and inclusive growth, financial stability, and balanced combination of measures ensuring social and economic development and protection of the environment.

Commitment to mutually beneficial cooperation with other countries.

Enhancing consultations on macroeconomic and trade policies.

Promoting complementarity of production factors such as capital, labour, technology and natural resources.

Developing cooperation on social, economic and competition policies.