SME Times News Bureau | 09 Nov, 2020
Union Minister for Finance &
Corporate Affairs Nirmala Sitharaman participated in the 1st BRICS
Finance Ministers and Central Bank Governors (FMCBG) meeting under the BRICS
Russian Chairmanship on Monday.
The agenda of the meeting included
discussions on the outcomes of G20 Saudi Presidency in 2020, a digital platform
to encourage infrastructure investments and expansion of the membership of the
New Development Bank.
The Finance Minister
observed that the G20, of which all BRICS countries are members, has delivered
some very significant initiatives this year including the G20 Action Plan in
response to COVID-19 which has provided broad guidance to
navigate a collective global response to the crisis.
Additionally, the G20 Debt Service Suspension Initiative
ensured immediate support to address the liquidity needs of low-income
countries.
She further noted that
BRICS members have played an important role in ensuring that concerns of
emerging economies are appropriately reflected in these initiatives.
On the ongoing
international efforts to find a solution to the issue of taxation of digital
economy, Smt. Sitharaman said that a consensus solution will play an important
role in ensuring fairness, equity and sustainability of tax systems.
The BRICS Finance
Ministers and Central Bank Governors also discussed expansion of the membership
of the New Development Bank (NDB).
The Finance Minister
supported the expansion of the membership of NDB and emphasised the importance
of regional balance. Smt. Sitharaman also
shared her perspective on Russia’s initiative to develop an integrated Digital
Platform.