PM Modi also asked asked the countries to work together against the economic offenders.
Prime Minister Narendra Modi on Friday said terrorism and radicalisation was the biggest challenges the world was facing and underlined the need for the BRICS and G-20 countries to work together to strengthen the UN counter terrorism framework to stop terrorist networks, their financing and movement.
Addressing an informal meeting of the leaders of BRICS countries on the margins of the G-20 Summit in Argentina, he also asked the countries to work together against the economic offenders and fugitives, who said were posing a serious threat to the world's economic stability.
"We all agree that terrorism and radicalisation are the biggest challenges that the whole world is facing today. They are not only a threat to peace and security, but also a challenge for economic development," he said.
He urged all the countries, including BRICS and G-20, to work together in implementing the Financial Action Task Force (FATF) standards and to strengthen the UN Counter Terrorism Framework to stop terrorist networks, their financing and their movement.
The FATF is an intergovernmental organisation founded in 1989 on the initiative of the G-7 to develop policies to combat money laundering.
Prime Minister Modi's statement on combating terrorism assume significance as China has repeatedly blocked India's attempts at the UN Security Council to name Pakistan-based Jaish-e-Mohammed chief Maulana Masood Azhar a global terrorist.
Apart from PM Modi, Chinese President Xi Jinping, Russian President Vladimir Putin and South African President Cyril Ramaphosa, Brazil President Michel Temer were also present in the meeting.
PM Modi said that the globalisation has brought millions of people out of poverty, but we are facing the challenges of equal distribution of the benefits of globalisation.
He said protectionism by the countries was increasing, and currency devaluation and sharp increase in oil prices have wiped out the profits earned over the past few years.
Highlighting the contributions of the BRICS, he said it represents 42 per cent of the world population and has become the global growth engine in the last few years.
However, there are still many possibilities of increasing the share of BRICS nations in world GDP (23 per cent) and trade (16 per cent), he said.
"BRICS countries have been contributing to global sustainability and development. We have played an important role in shaping the world's economic and political structure," PM Modi said, adding we are eager to cooperate in new industrial revolution in the BRICS.
"We have to work together with multilateral institutions like UN, WTO, UNFCC, World Bank, to ensure the rule-based world order. I have suggested 'reformed multilateralism' in the Johannessburg meeting ," Prime Minister Modi said.
He said that the G-20 agenda has enriched the discussion of global development. "We are eager to cooperate in BRICS countries new Industrial Revolution."
PM Modi stressed that the topics of globalisation and migration must be addressed through better multilateral coordination and cooperation.
"We need to manage labour issues in the global supply chain, it will be necessary to ensure excellent work in the entire value chain. Social protection schemes for workers and a smooth movement of labours worldwide is important," he added.
He said socio-economic issues like women's empowerment and sustainable food future would be discussed in the G-20 Summit.
Earlier I had suggest the need for disaster resilient infrastructure on sustainable development. We have to work together to take this forward, PM Modi added.