New Delhi, Jun 23 (IANS): The BRICS member nations have a similar approach to the governance of global economy and mutual cooperation can make a useful contribution to the post-Covid economic recovery, Prime Minister Narendra Modi said on Thursday.

"We, the BRICS member countries, have had a very similar view on the governance of the global economy. So our mutual cooperation can make a useful contribution to post-Covid global recovery," Modi said in his opening remarks at the virtual 14th BRICS Summit on Thursday.

The summit is being hosted by China as the Chair for this year. Chinese President Xi Jinping, Russian President Vladimir Putin and top leaders from Brazil and South Africa were present in the meeting.

Modi said, "Today for the third year in a row, we are meeting virtually amid the challenges of the Covid-19 pandemic. Even though the scale of the pandemic has reduced globally, many of its ill effects are still visible in the global economy.

"Over the years, we have made a number of institutional reforms in BRICS, which have increased the effectiveness of this organisation."

He also said that there are many areas where the lives of the citizens are getting directly benefited by the mutual cooperation.

"I am confident that our deliberations today will produce suggestions to further strengthen our ties," he added.