The fifth BRICS Summit concluded at Durban yesterday with the leaders of Brazil, Russia, India, China and South Africa announcing the formation of a BRICS Development Bank aiming at 4.5 trillion US Dollar capital formation in five years time to finance development projects.
An agreement was also reached on the setting up of a USD 100 billion Contingency Reserve fund to address financial challenges and further strengthen financial stability among member nations.
Several agreements were also signed to enhance intra-BRICS trade to achieve the ambitious trade target of USD 500 billion by 2015. The formation of the BRICS Business Council was also announced to create an enabling environment for free flow of people and trade between member nations.
Addressing the plenary session of the summit, Prime Minister Manmohan Singh urged BRICS nations to jointly work towards responding to the foremost challenge of overcoming the global economic slowdown. Dr. Manmohan Singh said the impact of the financial crisis still persists and BRICS nations will continue to be key drivers of global economic growth.
Prime Minister Manmohan Singh and Chinese President Xi Jinping held talks on the sidelines of the BRICS Summit at Durban. In nearly hour-long cordial talks held late last evening, both leaders exchanged warm greetings in the first high level structured bilateral meeting between the two leaders.
Accepting Prime Minister Manmohan Singh’s extension of the President’s invitation to visit India, the Chinese president agreed to visit India at a mutually convenient date. Mr. Xi Jinping also invited Prime Minister Manmohan Singh to visit Beijing.
At the meeting, the two leaders reviewed the entire gamut of Sino-Indian bilateral relations. Both leaders expressed keen interest in continuing the high level exchanges between the two countries and continuing the good relationship.
Our correspondent reports that Sino-Indian ties are on a positive trajectory with both countries having high level exchanges, agreeing on conducting joint militiary exercises and also set to begin talks on maritime security.
