Need to focus on increasing trade, investment between BRICS countries: PM Modi

Prime Minister Narendra Modi on Thursday stressed the need to focus on increasing trade and investment between the BRICS countries and called for efforts to strengthen cooperation in the field of innovation.

"We need to focus on trade and investment between BRICS nations. Intra-BRICS trade is only 15 per cent of the world trade while our combined population is over 40 per cent of the world's population. Service sector occupies a large part in the GDPs of five countries. There is a good scope in increasing trade in this sector," Modi said at the plenary session of the BRICS summit here.

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

Modi also proposed to hold the first meeting of BRICS Water Ministers in India in order to push for sustainable water management and clean sanitation.

"Sustainable water management and sanitation are important challenges in urban areas. I propose to hold the first meeting of BRICS Water Ministers in India," he said.

The Prime Minister said he wanted to see an increase in contacts and exchanges between BRICS nations in the fitness and health sectors.

He underlined that the BRICS mechanism and processes should be outcome-driven and efficient in order to address global economic challenges.

"We have to now think of giving a new direction and making mutual cooperation more effective in the next 10 years. Despite success in many areas, there is considerable scope to increase efforts in some areas," Modi further said.

The Prime Minister arrived in the Brazilian capital on Wednesday on a two-day visit to attend the 11th BRICS summit being held in the South American country from today.

After the conclusion of the summit, the BRICS leaders are expected to issue a joint declaration.

BRICS brings together five major emerging economies comprising 42 per cent of the world's population, having 23 per cent of the global GDP and around 17 per cent of the share and world trade.