Modi leaves for BRICS summit: Will interact with leaders of China, Russia
Modi Leaves For BRICS Summit: Will Interact With Leaders of China, Russia. In his first multilateral summit meeting since taking office on May 26, Prime Minister Narendra Modi Sunday left for Brazil to attend the five-nation BRICS summit where he will have his first interaction with leaders of China and Russia, among others.
- Summit on 15-16
- BRICS Devt Bank on the agenda
New Delhi: In his first multilateral summit meeting since taking office on May 26, Prime Minister Narendra Modi Sunday left for Brazil to attend the five-nation BRICS summit where he will have his first interaction with leaders of China and Russia, among others.
The Sixth BRICS Summit, being held in Fortaleza and capital Brasilia on July 15-16, is expected to see finalisation of the setting up of the long-discussed BRICS bank - a major initiative of the grouping that together represents 18 per cent of the world trade.
The BRICS Development Bank with a corpus of $100 million will fund projects in a number of countries and other developing countries. India along with China are in contention for establishing its headquarters either in New Delhi or in Shanghai.
The BRICS Bank and the Contingent Reserve Arrangement are seen as a counterweight to the Western-dominated financial organisations, the World Bank and the International Monetary Fund.
The bloc, comprising Brazil, Russia, India, China and South Africa, accounts for over 40 per cent of the global population and has a combined GDP of $24 trillion. Modi will hold bilateral meetings with Presidents Vladimir Putin of Russia, Xi Jinping of China, Dilma Rousseff of Brazil and Jacob Zuma of South Africa on the sidelines of the summit. He will also meet the heads of governments of 11 South American countries, including Argentina, Bolivia and Venezuela, who have been invited by President Rousseff to Brazil.
Modi is accompanied by Minister of State for Commerce and Industry Nirmala Sitharaman, National Security Advisor Ajit Doval and Foreign Secretary Sujatha Singh.