$1 trillion loss to world due to terrorism: PM Modi

Brasilia : Terrorism has caused USD 1 trillion loss to the world economy, Prime Minister Narendra Modi said here on Thursday as he addressed the 11th BRICS Summit, terming the scourge as the "biggest threat" to development, peace and prosperity.

Addressing the BRICS Plenary Session at the iconic Itamaraty Palace in the presence of the Presidents of Brazil, China, Russia and South Africa, Prime Minister Modi said terrorism has emerged as the biggest threat to the development, peace and prosperity.

"According to some estimates, the economic growth of developing nations has decreased by 1.5 per cent due to terrorism," he said, adding that the scourge has caused USD 1 trillion loss to the world economy.

In 10 years, terrorism has claimed the lives of about 2.25 lakh people and destroyed societies, Modi said.

"The atmosphere of doubt created by terrorism, terror financing, drug trafficking and organised crime indirectly and deeply harms trade and business.

I am happy that the first seminar on BRICS Strategies for Countering Terrorism was organised. We hope that such efforts and activities of the five working groups will increase strong BRICS Security Cooperation against terrorism and other organised crimes," the Prime Minister said.

According to the BRICS joint statement, the five countries condemned terrorism in all its forms and manifestations, which should not be associated with any religion, nationality or civilization, and recognise terrorist acts as criminal and unjustifiable.

"We urge for concerted efforts to fight against terrorism under UN auspices in accordance with international law, recognise the primary role of states and their competent authorities in preventing and countering terrorism and express our conviction that a comprehensive approach is necessary to ensure effective results in combating terrorism.

We recall the responsibility of all states to prevent financing of terrorist networks and terrorist actions, including those from their territories," the statement said without referring to any country.