The grouping of five major growing economies also rallied behind Russia by opposing the Western sanctions against it over the Ukraine conflict, with Modi saying unilateral sanctions are hurting the global economy.
The five BRICS countries - Brazil, Russia, India, China and South Africa - pitched for closer economic ties among themselves and pinned hopes on the New Development Bank (NDB) which will begin credit-lending by next financial year.
At a Summit meeting here, the grouping also condemned terrorist activities of the Islamic State of Iraq and associated terrorist groups.
"We believe that terrorist threats can be effectively addressed through a comprehensive implementation by states and the international community of all their commitments and obligations arising from all relevant resolutions of the UN Security Council and the UN Global Counter-Terrorism Strategy, said the BRICS Declaration.
Although there was no specific reference to Pakistan, the observation could apply to the country as it has adopted a selective approach towards dealing with terrorism.
Earlier, Modi, while addressing the Summit, said, Peace and stability is the foundation for social and economic progress.
It is our responsibility that we deal effectively with the current challenge of terrorism, he said.
With Chinese President Xi Jinping listening, Modi said, "We must unitedly fight against it (terrorism), without any discrimination between groups, or countries, sponsors or targeted countries. We must do this in BRICS as well as UN Security Council and in other groups of nations."
Modi, during a meeting with Xi here last evening, voiced concern over this development, amid India's rejection of the weak evidence pretext presented by China.
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