Latest news with #BricsNewDevelopmentBank
&w=3840&q=100)
Business Standard
2 days ago
- Business
- Business Standard
No country should use critical minerals as a weapon: PM Modi at Brics
Prime Minister Narendra Modi, on Monday (India time), urged Brics member states to work together to make supply chains for critical minerals and technology secure and reliable. In his intervention at the session during the Brics Summit in Rio de Janeiro on 'strengthening multilateralism, economic-financial matters, and artificial intelligence', the PM said: 'It's important to ensure that no country uses these resources for its own selfish gain or as a weapon against others,' the PM stated. China, which controls a significant share of the world's supply of critical minerals, especially rare earth elements, is a founder, along with India, Russia, and Brazil, of the 11-member Brics grouping, whose 17th Summit concluded on Monday evening. With Chinese President Xi Jinping skipping the summit, Premier Li Qiang represented China in Rio. A key objective of the PM's current foreign tour, his longest in a decade, is to focus on increasing cooperation in imports and processing of critical minerals, including rare earth elements, in four of the five countries he has visited or is scheduled to visit – Ghana, Namibia, Argentina, and Brazil. India's search for sourcing critical minerals, led by the PM, and his observations at the BRICS Summit in Rio come in the context of China's coercive tactics, including restricting supply and price manipulation in the sector. In his intervention, the PM welcomed the 17th Summit's emphasis on reforms in the international financial system. He said the Brics New Development Bank (NDB) has offered a strong and credible alternative to support the development aspirations of countries in the Global South. While approving projects, the NDB must focus on demand-driven approaches, long-term financial sustainability, and maintaining a healthy credit rating, Modi said. 'Strengthening our internal systems will further enhance the credibility of our call for reformed multilateralism,' he added. The PM also flagged concerns about risks, ethics, and bias in artificial intelligence, and appealed to member countries to work together for 'responsible AI,' for which 'global standards must be created to verify the authenticity of digital content, so that we can identify the source of the content, maintain transparency, and prevent misuse.' He said India will host the 'AI Impact Summit' next year. India will also host the 18th BRICS Summit in 2026. A day after the Brics Rio de Janeiro Declaration voiced 'serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with World Trade Organization (WTO) rules,' US President Donald Trump said he would impose an additional 10 per cent tariff on any country aligning with 'the Anti-American policies of BRICS'. 'There will be no exceptions to this policy,' Trump stated in a Truth Social post.
Hindustan Times
3 days ago
- Business
- Hindustan Times
At Brics meet, Modi's pitch against using critical minerals supply as weapon
New Delhi: The Brics member states should work together to make the supply chains for critical minerals and technology secure and reliable and ensure that no country uses these resources as 'a weapon' against others, Prime Minister Narendra Modi said at the Brics Summit in Rio de Janeiro. Prime Minister Narendra Modi during the 17th annual BRICS Summit in Brazil. (PMO) Addressing a session of the summit focused on strengthening multilateralism, economic and financial matters and artificial intelligence, Modi said resolving concerns and encouraging innovation should be given equal importance in the governance of AI. The Brics Summit adopted a leaders' statement on the global governance of AI that said countries should work together to address risks, build trust and ensure inclusive international collaboration and access to AI. The Brics leaders agreed on guidelines to foster responsible development, deployment and use of AI for sustainable development and inclusive growth. Without naming any country, Modi told the session that countries should 'work together to make supply chains for critical minerals and technology secure and reliable'. He added, 'It's important to ensure that no country uses these resources for its own selfish gain or as a weapon against others.' China's export curbs on rare earth minerals – used in everything from smartphones to electric vehicles and in many of which Beijing has a near monopoly - have been taken up with Beijing by New Delhi in recent weeks. The curbs have affected the production capabilities of Indian EV manufacturers. Modi said progress and well-being of people in the 21st century depends on technology, especially AI. 'AI can greatly improve everyday life, while on the other hand, it also raises concerns about risks, ethics, and bias,' he said. India perceives AI as a medium to enhance human potential and has a mantra of 'AI for All' for the active use of AI in agriculture, health, education and governance. 'We believe that resolving concerns and encouraging innovation should be given equal importance in AI governance…Global standards must be created that can verify the authenticity of digital content, so that we can identify the source of the content and maintain transparency and prevent misuse,' he said. Also Read |Brics Summit: India, Malaysia review bilateral cooperation in trade, investment The Brics New Development Bank has offered a strong and credible alternative to support the aspirations of countries in the Global South, and it must focus on demand-driven approaches, long-term financial sustainability and healthy credit rating in approving projects, Modi said. The Global South has special expectations from Brics and members should work together to fulfil them, he said. In this context, he said the Brics Agricultural Research Platform in India can become a mechanism for sharing research and best practices in agri-biotech, precision farming and climate change adaptation. 'Today, as the world order faces pressures from all sides and the world is going through many challenges and uncertainties, the increasing relevance and influence of Brics is natural. We should together consider how Brics can become a guide for the multipolar world in the times to come,' he said. The leaders' statement on the global governance of AI further said that developing countries and the Global South should have a meaningful role in decision-making processes related to AI. All countries have the right to benefit from, develop and use AI, it said. 'We underline international cooperation to facilitate access to AI technology and critical components, to remove barriers to financial resources required for AI research and innovation, and to develop necessary knowledge, skills, and risk management frameworks to effectively leverage AI technologies, especially in low and middle-income countries,' the statement said.
Business Standard
3 days ago
- Business
- Business Standard
No country should 'weaponise' critical resources: PM Modi at Brics Summit
In a veiled reference to China, Prime Minister Narendra Modi on Sunday, July 6, said that critical resources must not be used "solely for the interests of any one country". The Prime Minister made these remarks at the plenary session of the Brics Summit, which also includes China. Speaking on the theme 'Strengthening Multilateralism, Economic-Financial Affairs, and Artificial Intelligence', PM Modi underlined the need for fair, transparent, and resilient global supply chains and cautioned against the weaponisation of essential materials and technologies. 'It must also be ensured that no country uses these resources solely for its own interests or as a weapon,' PM Modi said. The Prime Minister's remark comes amid growing global concerns over China's strategic dominance in critical minerals and rare earth elements. PM Modi outlined his four-point agenda that he put forward at the Summit to boost Brics cooperation, particularly for the Global South. He first called for improved governance systems within member countries. 'First, [I] emphasised on improving our own systems so that our credibility is boosted when we call for reformed multilateralism,' he said. Addressed the BRICS Summit Plenary session on 'Strengthening Multilateralism, Economic-Financial Affairs, and Artificial Intelligence.' Focused on how to make the BRICS platform even more effective in this increasingly multipolar world. Also gave a few suggestions which are… — Narendra Modi (@narendramodi) July 7, 2025 PM Modi further said that with Brics economic cooperation growing steadily, institutions like the Brics New Development Bank must adopt demand-driven decision-making and maintain financial sustainability and strong credit ratings. The Prime Minister said Brics can serve as a platform to meet the aspirations of the Global South. He highlighted the Brics Agricultural Research Platform set up in India, which can help share best practices in agri-biotech, precision farming, and climate adaptation. "Also proposed creating a Brics Science and Research Repository that can also benefit the countries of the Global South," he said. The PM also talked about the strategic importance of securing critical minerals and technologies. He underscored the need to build resilient supply chains and prevent monopolisation. PM Modi called for global cooperation in developing responsible AI. 'We in India believe in AI as a tool to enhance human values and capabilities,' he said. Guided by the principle of "AI for All", India is applying AI across several sectors. 'In AI governance, addressing concerns and encouraging innovation should both receive equal priority,' he said. PM Modi reaffirmed India's commitment to collaborative progress. 'The Global South has many expectations from us. To fulfill them, we must follow the principle of 'Lead by Example'. India is fully committed to working shoulder to shoulder with all partners to achieve our shared goals,' he said. Brics backs India's bid to host COP33 in 2028 The Brics nations have extended their support to India's proposal to host the 33rd Conference of the Parties (COP33) to the United Nations Framework Convention on Climate Change (UNFCCC) in 2028, news agency ANI reported. The announcement came as part of a joint declaration issued at the 17th Brics Summit held on Sunday in Rio de Janeiro, Brazil. The leaders collectively reaffirmed their commitment to the goals and objectives of the Paris Agreement, emphasising the importance of staying united in the global fight against climate change. PM Modi, along with other Brics heads of state, participated in the summit. Brazil officially assumed the Brics Chairship on January 1, 2025.
