PM: Business Council created roadmap to $500bn intra-BRICS trade target by next summit

BRICS Summit: Prime Minister Narendra Modi along with the Heads of states of other BRICS countries participated in the Leaders dialogue with BRICS Business Council and New Development Bank (NDB). Modi said that the BRICS Business Council created a roadmap to achieve the $500 billion Intra-BRICS trade target by the next summit. He stated that identification of economic complementarities among BRICS countries would be important in this effort. The partnership agreement between New Development Bank and BRICS Business Council would be useful for both the institutions, he observed.

Modi requested BRICS countries and NDB to join the Coalition for Disaster Resilient Infrastructure initiative. He also requested that the work of establishing the Regional Office of NDB in India should be completed soon. This will give a boost to projects in priority areas, he added.

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Earlier in the Summit, Union Minister of Commerce & Industry Piyush Goyal had said that the global economy is facing grave challenges due to growing protectionism and trade tensions due to unilateral measures denying market access.

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The Prime Minster concluded by saying that the dream of strengthening BRICS economic cooperation can be realised only with the full cooperation of the Business Council and New Development Bank.

The PM had previously declared at the Summit that India is the world’s most open and investment friendly economy due to political stability, predictable policy and business friendly reforms.

Modi also met Russian President Vladimir Putin on the sidelines of the Summit, and reviewed that India and Russia are cooperating extensively in areas such as trade, security and culture. The people of our nations will benefit due to close bilateral ties.

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The ID Staff

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