India attaches high importance to BRICS: Modi
July 13, 2014, 5:13 am

In this Monday, June 9, 2014 file photo, visiting Chinese Foreign Minister Wang Yi, left, sits with Indian Prime Minister Narendra Modi, right during their meeting in New Delhi, India [AP]

Modi, the lone new face in the assembly of BRICS leaders that will meet on the 15^th and 16^th July for the 6^th BRICS Summit, left for Brazil on Sunday.

“We meet at a time of political turmoil, conflict and humanitarian crisis in several parts of the world, and persisting weakness and risks in the global economy,” said Modi in a statement released before his departure from New Delhi.

“I look forward to the successful conclusion of major BRICS initiatives, like the New Development Bank and the Contingent Reserve Arrangement, which have seen significant progress since their launch in New Delhi in 2012,” he added.

The idea of the BRICS Bank was put forward by India during the 2012 Summit in New Delhi during the tenure of former Indian Prime Minister Manmohan Singh.

The Indian Finance Minister Arun Jaitley is not accompanying the Prime Minister to Brazil and will skip the BRICS Finance Ministers meet as he deals with budget-related issues in New Delhi. Indian finance secretary Arvind Mayaram, Commerce Minister Nirmala Sitharaman and National Security Advisor Ajit Doval are traveling with Modi.

The $100 billion BRICS development bank, as well as a $100 billion currency reserve pool could challenge global lenders like the IMF and World Bank. The BRICS Bank is expected to start lending in 2016.

The new Indian Prime Minister will be meeting his BRICS counterparts for the first time since assuming office and is expected to outline his thrust on ties with emerging economies.

“The Summit will also be an occasion for my first meetings as Prime Minister with the leaders of our important global partners – Brazil, China, Russia and South Africa. I look forward to meaningful meetings with them to intensify bilateral relations and exchange views on global and regional developments,” said Modi.

The newly elected Indian leader will also be holding bilateral talks with Russian President Vladimir Putin on the sidelines of the Summit.

On 15^th July, the summit’s first day will see the five leaders meet and end with a Fortaleza declaration and plan of actions. The declaration would reflect the BRICS view of “the current political and economic situation and the BRICS countries’ common approaches to the issues of international cooperation”.

TBP