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BRICS can provide an important platform for countries to deepen economic cooperation and find common solutions amid rising geopolitical, climate and economic risks, Juliano Assuno, Executive Director, CPI/PUC-Rio and Professor, Department of Economics, PUC-Rio, said.
Speaking to ANI on the sidelines of the Kautilya Economic Conclave, Assuno said the need to build resilience had become more important as the global economy faced increasing fragmentation and uncertainty. "BRICS is a great example of how countries can get together in order to find solutions to the problems that they share," he said, adding that such platforms were critical for meaningful dialogue and collaboration. He said countries were facing risks from climate change, geopolitical tensions and wars, making spaces for cooperation increasingly important to find common ground and support more inclusive economic growth. Assuno also said fiscal stress was being faced by countries globally, particularly following the COVID-19 pandemic, and governments needed to balance fiscal responsibility with the need for public support. "To me, it's much more about the real need for focusing and the efforts associated with the public expenditures," he said. On US tariffs, Assuno described the shift in trade policy as "very unfortunate", saying the global economy had much to gain from greater collaboration and trade. He said rising US bond yields were a reflection of increasing risks globally, with investors demanding higher yields to provide funds. Elevated global yields were adding to challenges already faced by emerging markets such as India, Brazil and Indonesia, he said. At the same time, Assuno said India's ability to maintain economic growth despite these challenges was a positive development. "What India has done in terms of making sure that putting in place policies and putting the economy to growth at the level that it's growing, I think it's very good news," he said. On ethanol blending and India's interest in Brazil's experience with flex-fuel vehicles, Assuno said Brazil's transition had been driven partly by its natural resources and policy decisions. However, he said India's growing access to renewable technologies, particularly amid a sharp decline in solar panel costs, presented an opportunity to make greater use of its abundant solar resources. "I think it's a great opportunity for a country like India that has, you know, solar is such a prevalent resource," he said. (ANI)
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