Indian Prime Minister’s Statement at the Plenary Session of the Fourth BRICS Summit, New Delhi, on March 29, 2012.
Your Excellency President Dilma Rousseff,
Your Excellency President Dmitry Medvedev,
Your Excellency President Hu Jintao,
Your Excellency President Jacob Zuma,
Distinguished delegates,
Let me once again welcome all of you to New Delhi. India is privileged to host the fourth BRICS Summit and assume the Chairmanship of the group.
The global situation facing us today presents a mixed picture. On the one hand, emerging market economies are growing at a healthy pace and increasing their share in global trade and output.
On the other hand, many obstacles have to be overcome if we are to sustain rapid growth in the years ahead. We are all affected by the global economic slowdown, the volatility in food and energy prices, the challenge of reconciling growth with environmental objectives, the political uncertainty in West Asia and the rise of terrorism and extremism. Our responses to these challenges may be different, but there is much common interest that binds us together.