The sixth summit of BRICS, which will follow up on the decisions of the Durban meeting last year, will provide the new Indian Prime Minister his first opportunity at meeting world (BRICS) leaders, including President Xi Jinping of China, Vladimir Putin of Russia, leaders of Brazil and South Africa as well.

However, the much talked-about meeting with German Chancellor Angela Merkel will not take place as she is travelling to Brazil to watch the FIFA World Cup final Sunday between her country and Argentina.

The summit will be held in Brazilian cities of Fortaleza and Brasilia. Officials say that India will be hoping for an endorsement of the need for UN Security Council reforms and also those of the Bretton Woods institutions like the World Bank and IMF.

Signing of agreements to create BRICS Development Bank and Contingent Reserve Arrangement are being considered central to the agenda of the BRICS summit.

The BRICS Development Bank, which would mirror the World Bank, will have authorised capital to be used for infrastructure financing and sustainable development projects in member countries.

The Contingent Reserve Arrangement will function as an additional buffer for BRICS countries facing difficulties with their balance of payments.

There will be a ministerial meeting ahead of the summit and also a BRICS business council with businessmen from member -countries who will be meeting on July 14 and 15.

TRIP TO BUILD UP BRICS

-After a stopover in Berlin Sunday night, PM Modi will leave for Fortaleza, the north-eastern coastal city of Brazil, on Monday for the summit of leaders of Brazil, Russia, India, China and South Africa to be held on July 15, providing him his first opportunity at multilateral engagement.

-An earlier plan to have a meeting with Chancellor Angela Merkel in Berlin was shelved because of Germany's entry into the FIFA World Cup final, for which she will be in Brazil.

-On his way back home, the Prime Minister will make a brief halt in Frankfurt before reaching Delhi on July 17 night.

-Modi will be accompanied by a high-level delegation that includes Minister of State for Finance Nirmala Sitharaman, National Security Adviser A K Doval, Foreign Secretary Sujatha Singh and Finance Secretary Arvind Mayaram.

On the sidelines of the summit, he will also be meeting South African President Jacob Zuma besides host President Dilma Roussef of Brazil.

On July 16, the BRICS leaders will move to the Brazilian capital, Brasilia, where they will meet leaders of South America, who have been invited by the hosts on the lines of Zuma inviting African leaders to Durban.

The Prime Minister will get an opportunity to engage with the Latin American region through meeting the leaders of South America, including heads of state and government from countries like Argentina, Bolivia, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela.

India believes that the Prime Minister's meetings with these leaders would further strengthen the already close bilateral relations with these countries and will be an opportunity to reinforce them.

BRICS BUILDING UP

-BRICS – the grouping of Brazil, China, India, Russia and South Africa — accounts for more than a quarter of the world's land mass, 40 per cent of its population and a combined GDP of USD 24 trillion.

-The collective strength of the BRICS economies is of great significant for the global economy. The BRICS countries have done commendable job by reducing poverty and giving boost to the global economy.

-In turn, the BRICS could become as big as the G7 by 2032, about seven years earlier than we originally believed possible, according to a Goldman Sachs report.

-During the 2008 global economic slump, BRICS’ demand helped  the United States, Europe, and Japan in pulling out of crisis.

JPN

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