BRICS summit to boost India’s trade ties with China, Russia

Prime Minister Narendra Modi, will attend the annual summit of BRICS in Ufa city (Russia) beginning on July 8.

The Dollar Business Bureau

As Russia is all set to host the seventh summit of BRICS, India hopes the grouping of five developing countries — Brazil, Russia, India, China and South Africa— can enhance economic cooperation among themselves. Prime Minister Narendra Modi will attend the summit in Ufa city (Russia) beginning on July 8. This will be Modi’s third interaction with the BRICS leaders within a span of one year. Analysts say that the interest of Indian Prime Minister towards the grouping vindicates the significance of the bloc for the country. Earlier, India has been the protagonist for raising concerns of the developing nations at various multi-national forums like World Trade Organisation. Modi had attended the annual BRICS summit last year in Brazil’s Fortaleza city. Later, he had another interaction with the representatives of BRICS members in Brisbane during the last G20 meeting. In Ufa, Modi is leading an Indian business delegation which will take part in a meeting of BRICS Business Council. The summit will be based on the theme of 'BRICS Partnership - A Powerful Factor for Global Development’. According to reports, investors and bankers from G20 countries and members of China and Russia-led Shanghai Cooperation Organisation (SCO) will discuss the role of the BRICS Bank— the newly-formed multi-national financial institution. Experts believe that the BRICS Bank will breach the dominance of World Bank and International Monetary Fund (IMF), which are largely controlled by the US and other developed countries, and open new avenues for the growth of developing countries. A day ahead of the summit, BRICS Bank will start operation on July 7 with the initial capital of $100 billion. India’s K V Kamath has been made the President of the new bank. Apart from BRICS members, the bank will also offer development funds to other countries in case of crisis.    

July 4, 2015 | 5:09 pm IST.

The Dollar Business Bureau - Jul 04, 2015 12:00 IST