Cautioning that the traditional sources of economic growth are under stress coupled with fresh uncertainties around the globe, Prime Minister Manmohan Singh on Tuesday said that it would be to the advantage of five-nation BRICS grouping to coordinate in key areas of development.
"The traditional sources of economic growth are still under stress, even as fresh uncertainties have emerged as a result of recent developments in different parts of the world," Singh said in a statement ahead of his departure for a two-nation tour to China and Kazakhstan.
Singh, who would be attending the BRICS -- Brazil, Russia, India, China and South Africa -- leaders meeting in Sanya in China, said if the member nations can cooperate, "our positions on some key areas such as sustainable development, balanced growth, energy and food security, reform of international financial institutions and balanced trade, that will be to our advantage."
Singh, who would be attending the third summit of BRICS grouping since the first stand alone meeting in 2009, said the conclave would see the participation of South Africa for the first time.
"India welcomes South Africa's membership of BRICS, which will provide an African perspective to our deliberations", he said.