new delhi addressing the brics plenary session pm narendra modi said terrorism was the biggest threat to development peace and prosperity and that the menace had resulted in a loss of 1 trillion to the world economyaccording to some estimates the economic growth of developing nations has decreased by 15 due to terrorism he saidthe 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 added modi expressing hope that efforts and activities of the five working groups formed on terrorism will increase strong brics security cooperation against terrorism and other organised crimesthe brics declaration also condemned terrorism in all its forms and manifestations which it said should not be associated with any religion nationality or civilisation and recognise terrorist acts as criminal and unjustifiable regardless of their motivations whenever wherever and by whomsoever committedwe 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 said the declarationthe brics nations recalled the responsibility of all states to prevent financing of terrorist networks and terrorist actions including those from their territorieswe also call for an expeditious conclusion and adoption of the comprehensive convention on international terrorism within the un framework we emphasise the importance of preventing and combating the financing of terrorism implementing relevant unsc resolutions and welcome in this regard the adoption of unsc resolution 2462 2019 to address the threat of chemical and biological terrorism we emphasise the need to launch multilateral negotiations on an international convention for the suppression of acts of chemical and biological terrorism including at the conference on disarmament it saidthe leaders recognised progress made in brics cooperation in counterterrorism and welcomed the results of the fourth meeting of the brics counterterrorism working group including the establishment of thematic subworking groups and the holding in braslia of the seminar brics strategies for countering terrorismthey also reaffirmed their commitment to combating illicit financial flows iffs and to closely cooperating within the financial action task force fatf and the fatfstyle regional bodies fsrbs as well as in other multilateral regional and bilateral forawe emphasise the importance of upholding and supporting the objectives of the fatf and of intensifying our cooperation to implement and improve faft standards said the declarationread the story in bengali