Terrorism caused $1 trillion loss to world economy: PM Modi at BRICS summit

News:Indian Prime Minister has attended the 11th BRICS summit in Brasilia, Brazil.

Facts:

About BRICS:

• BRICS is the acronym coined for an association of five major emerging national economies — Brazil, Russia, India, China and South Africa.
• The BRICS 2019 summit was held  under the theme BRICS: Economic Growth for an Innovative Future.
• During the summit,the BRICS countries have adopted the Brasilia Declaration.

About Brasilia Declaration:

• The declaration has urged for concerted efforts to fight against terrorism under United Nations(UN) in accordance with international law.
• They have also callled for an expeditious conclusion and adoption of the Comprehensive Convention on International Terrorism(CCIT) within the UN framework 
• They also called on the States to prevent financing of terrorist networks and terrorist actions including those from their territories.
• They have said that the trade war between China and the U.S. and rising protectionism is hurting the global economy.Hence,multilateralism is crucial for emerging countries to protect their own interests.
• There is an urgent need to reform the United Nations including the World Trade Organisation(WTO) and the International Monetary Fund(IMF) to address the significant challenges being faced by the developing countries.

Additional information:

About CCIT:

• The Comprehensive Convention on International Terrorism (CCIT) was proposed by India at United Nations in 1996. 
• The convention provides a legal framework which makes it binding on all signatories to deny funds and safe havens to terrorist groups.

Objectives of CCIT:

• To have a universal definition of terrorism that all 193-members of the UNGA will adopt into their own criminal law
• To ban all terror groups and shut down terror camps
• To prosecute all terrorists under special laws
• To make cross-border terrorism an extraditable offence worldwide.

Why has CCIT not been adopted yet?

• The CCIT has remained deadlocked mainly due to opposition from three main blocks the US, the Organization of Islamic Countries(OIC) and the Latin American countries.
• The three blocks have raised objections over the definition of terrorism and seek exclusions to safeguard their strategic interests.