PM’s interview to Xinhua China
April 12, 2011
Question 1: India and China are two countries with the fastest growth rates of their economies in the world in 2010. As “BRICS” countries, what role do you think the two countries are playing in helping bringing about the recovery of world economy?
Answer: As two large and broad-based economies India and China are contributing significantly as engines of economic growth in the world. We are both witnessing rapid growth, addressing the aspirations of our peoples and stimulating global demand.
We work together in various international fora on issues of interest to us and other fellow developing countries. These include issues such as comprehensive and inclusive economic development, food and energy security, sustainable development, the Doha round of trade talks and reform of international financial institutions. Our shared objective remains to ensure sustainable and balanced growth of the world economy and employment creation.
Question 2: Compared with other groups of economic cooperation, BRICS is still staying at a preliminary stage of development as a new international cooperative institution. What do you think BRICS countries should do to strengthen construction of their institution of cooperation, so that they can play a bigger role on the stage of global economy?
Answer: BRICS is a relatively new grouping, and the contours of our cooperation are in the process of evolution. We have however done well despite being such a young grouping.
BRICS countries have huge potential individually. We should aim to combine these strengths and pool them together. Regular Summit meetings have enhanced mutual understanding and cooperation at all levels and across a wide range of sectors.
We should continue to enhance coordination on major issues such as the nature of the world economy we wish to see, a democratic and equitable world order, global governance reform and issues like food and energy security and climate change.
We should build upon cooperation and exchanges through meetings of Foreign Ministers, Finance Ministers and Central Bank Governors, Agriculture Ministers, National Statistical Authorities and other sectors which touch upon the economic well-being of our people. We could, for example, share experiences on the management of large urban cities.
We should also enhance dialogue and exchanges among our civil societies, media, businesses, scholars and youth.
We should use the opportunity provided by the presence of all the BRICS countries on the UN Security Council to shape and guide the international discourse on issues of importance to us.
Question 3: What do you expect from the upcoming summit of BRICS countries in Sanya, China, in terms of pushing forward the cooperation among BRICS nations?
Answer: I am very happy that the Summit is taking place for the first time in Asia, and in the fastest growing economy of the world. This is a matter of great encouragement for all BRICS countries.
We have a substantive agenda for the Summit. This includes discussions on the international situation, international economic and financial issues, development and sectoral cooperation. I look forward to reviewing the decisions we took at the last G-20 Summit in Seoul.
Our hosts are organizing a number of meetings on the sidelines of the Summit, including those of the Trade and Economic Ministers, Business Forum and BRICS Development Banks. A meeting of BRICS Think Tanks has already taken place. All these will certainly help in giving more concrete shape to our cooperation.
Question 4: How do you regard the participation of South Africa as a new BRICS country? What impact do you think this will have on the economic development of African countries?
Answer:South Africa is a valued friend and partner of India. It is a large and vibrant economy and plays an important role in global affairs. Its presence will lend weight to BRICS and introduce the African perspective to the burning issues of our times. India, therefore, warmly welcomes South Africa’s membership of BRICS.
If we as the BRICS can contribute to the development of Africa, and articulate its priorities in international forums, this would benefit not just Africa but the entire world.
Question 5: How do you evaluate Sino-India economic cooperation in terms of its role in contributing to economic cooperation among BRICS countries and global economic cooperation as a whole?
Answer: As the two largest developing countries in the world, India and China bear an important responsibility of ensuring their allround and sustainable socio-economic development. During Premier Wen Jiabao’s visit to India in December last year, we have agreed to a series of measures to broad base and balance our trade and economic cooperation. I am confident that we will surpass our bilateral trade target of US 100 billion dollars by 2015, but we have to make more efforts to promote greater Indian exports to China to reduce the trade deficit. The peaceful development of India and China will strengthen BRICS as well as be good for the global economy.
New Delhi April 12, 2011