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BRICS summit to agree on intra-trade and credit on local currencies

Tuesday, March 27th 2012 - 12:41 UTC
Full article 6 comments
Indian Economic Relations Secretary Sudhir Vyas said the announcement will be made official on Thursday Indian Economic Relations Secretary Sudhir Vyas said the announcement will be made official on Thursday

The five major emerging economies of BRICS -- Brazil, Russia, India, China and South Africa -- are set to inject greater economic momentum into their grouping by signing two pacts for promoting intra-BRICS trade at the fourth summit of their leaders in New Delhi on Thursday.

The two agreements that will enable credit facility in local currency for businesses of BRICS countries will be signed in the presence of the leaders of the five countries, Sudhir Vyas, Indian secretary for Economic Relations told reporters.

The pacts are expected to scale up intra-BRICS trade which has been growing at the rate of 28% over the last few years, but at 230 billion dollars, remains much below the potential of the five economic powerhouses.

Brazil's President Dilma Rousseff, Russian President Dmitry Medvedev, Chinese President Hu Jintao, South African President Jacob Zuma and Indian Prime Minister Manmohan Singh will hold their fourth BRICS summit on Thursday.

Besides participating in the summit, Manmohan Singh will hold bilateral talks with each of the visiting leaders. The Brazilian president will stay over for an extended state visit March 30-31.

Vyas said the summit will focus on a cluster of global issues, including finding ways of sustainable recovery from the festering global downturn, reforms of international financial institutions, the UN reforms, inclusive growth, food security and energy security.

The Delhi Declaration that will be adopted at the end of the summit will reflect the BRICS' collective position on these issues. The BRICS summit will be preceded by a meeting of trade ministers of the five countries and a business forum of leading corporates of these countries.

Categories: Economy, Politics, International.
Tags: BRICS.

Top Comments

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  • GreekYoghurt

    I don't see Argentina on the list? Why isn't Argentina on the List? They're better than any of those countries! Argentina doesn't want to be there anyways.

    *belly laughs*

    Mar 27th, 2012 - 12:53 pm 0
  • tobias

    It's China and India which have 1.5 billion people, each.

    It's Russia, with 150 million people in 12 times zones and 20,000 nukes.

    It's Brazil, 200 million people.

    Indonesia should be there ,maybe Turkey...

    South Africa is there for symbolism, to get Africa in there. SA has a smaller GDP than Argentina by 200 billion yet 10 million more people. Symbolism.

    Any questions? No I don't care being part of the BRICS, which are dirt poor people, just like we don't care being part of Latin America, part of a EU trade treaty, just like we don't care about negotiating with the UK, with Mercosur, or care about what the USA says, or the Germans/Italians and their pension funds.

    We don't care... lala-lalaahla. :)

    How does it feel being irrelevant to us? :p

    Mar 27th, 2012 - 01:33 pm 0
  • GreekYoghurt

    “we don't care about negotiating with the UK” - your actions say something different
    “with Mercosur” - your actions say nothing different.
    “or care about what the USA says” - You're the ones who created the bonds.

    So basically you're a sociopathic country that doesn't care about the consequences of your actions. That makes a lot of sense.

    Mar 27th, 2012 - 02:05 pm 0
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