Brisk business before BRICS Summit
July 15, 2014, 2:03 pm

According to World Trade Organization data, BRICS exports grew fivefold between 2001 and 2011—more than double the world average [Xinhua]

BRICS will launch a new development Bank during the plenary session today even as they rally for developing countries to play a greater role in international affairs. Ahead of the 6^th Leaders Summit, Russian President Vladimir Putin also said the five nations will create a virtual BRICS secretariat in the long term.

Chinese President Xi Jinping and the new Indian Prime Minister Narendra Modi on Monday got an opportunity to discuss the historical border issue, calling for early negotiated solutions to the dispute.

The Indian Prime Minister received an invitation from Xi to attend the APEC leaders meet in November that will be hosted by China.

China also welcomed India to join the China-led Asian Infrastructure Investment Bank as a founding member, the Chinese president said.

“If the two countries speak in one voice, the whole world will attentively listen; if the two countries join hand in hand, the whole world will closely watch,” said the Chinese president after meeting Modi.

“Judging from either bilateral, regional or global perspective, China and India are long-lasting strategic and cooperative partners, rather than rivals,” Xi added.

The club of five held a flurry of bilateral meets in Fortaleza and Brasilia that saw the Presidents Vladimir Putin, Jacob Zuma, Xi Jinping, Dilma Rousseff and Prime Minister Narendra Modi boosting economic partnerships between enterprises and member nations.

Meanwhile, Russian President Vladimir Putin scored a diplomatic goal as China said on Monday it will put its political weight behind Russia.

Beijing is “true in word and resolute in deed” in ties with Moscow, Xi said after a meeting with Putin in Fortaleza while pushing for intensifying “political support to each other”.

The Chinese President’s support to Putin comes in the backdrop of the severe sanctions against Russia announced by Western economies over the turmoil in Ukraine.

The five BRICS leaders are expected to rally around Putin over the issue of Ukraine at the leaders Summit on the 15^th and 16^th July in Fortaleza.

“Certainly, the BRICS countries (Brazil, Russia, India, China and South Africa) intend to strengthen the political element of our cooperation. That is why we will develop the practice of mutual consultations and joint actions in international organisations, first of all, in the UN”, Putin said in an interview to Itar-Tass.

According to World Trade Organization data, BRICS exports grew fivefold between 2001 and 2011—more than double the world average.

During the BRICS summit, Brazil, Russia, India, China and South Africa will sign into creation a joint foreign exchange reserves pool and a development bank to rival Western institutions like the World Bank and the IMF.

Helmo Preuss in Fortaleza, Brazil for The BRICS Post