"The BRICS Economic Cooperation Strategy to be adopted today (Thursday) will be an important milestone in the development of BRICS," PM Modi said, addressing the BRICS Business Council meeting, with the presidents of Brazil, Russia, China and South Africa also in attendance.

"The Contingency Reserve Arrangement will soon become a reality, which will help in stabilising the BRICS economies," the Prime Minister said. The BRICS Economic Cooperation Strategy is aimed at creating a framework for easier trade between the BRICS developing markets. It is the first comprehensive document of its kind and introduces entirely new areas of cooperation such as physical, institutional and people-to-people connectivity.

"For the first time our countries managed to negotiate and finalise the comprehensive document - the Strategy for BRICS Economic Partnership - that touches upon the responsibility of different ministers and requires high-level coordination," PM Modi said.

The Contingency Reserve Arrangement to facilitate intra-group trade in members' local currencies assumes even more importance in the context of the Greek bailout crisis that along with China's stock market plunge has revived the spectre of weaker economic growth.

PM Modi proposed that BRICS nations host an annual trade fair, adding that India would be happy to host the first such event. "I will propose an annual BRICS trade fair. India will be happy to host the first BRICS trade fair," PM Modi said in his remarks at the BRICS Business Council meeting at the seventh BRICS Summit.

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