April 12, 2011 2:15 PM

printer

PM says India's relationship with China acquired global significance

Prime Minister Manmohan Singh today said that BRICS leaders can contribute in sustaining the process of global financial recovery, even as fresh uncertainties have emerged due to recent developments in different parts of the world. Dr. Singh who has left on a five-day visit to China and Kazakhstan to meet global leaders said in his departure statement that coordination among the BRICS countries will work to the advantage of the grouping. The key areas of coordination include sustainable development, balanced growth, energy and food security, reform in the international financial institutions besides balance of trade. He asserted that BRICS countries are members of the G-20 and the united nations security council and working with each other in these forums has been has been positive and holds promise. He said he is looking forward to his meeting with the Chinese president as the relationship has acquired global significance. Dr. Singh will hold bilateral talks with Hu Jintao on political affairs, trade and security on the side lines of the summit. During the meeting stapled visa issue and the resumption of defence exchanges is likely to figure. The two fastest growing economies of the world will focus on enhancing bilateral trade. Bilateral trade will be among the priorities amid India's concerns about the increasing trade imbalance between neighbours. India-China trade last year touched a record 61.7 billion US dollars. The two countries have set a trade target of 100 billion dollars by 2015. Dr.Manmohan Singh is to meet Hu on the margins of the third summit of the BRICS nations of Brazil, Russia, India, China and South Africa. BRICS nations account for 40 percent of the global population and 20 percent of the global Gross Domestic Product (GDP). At the BRICS summit, its leaders will discuss their concerns on the international situation, financial, development and security issues and outline future cooperation. The event is the third since the grouping was formed in 2009. The situation in Libya and some other countries in the North African region, causing volatility in oil supplies and prices, is also expected to be discussed at the Sanya summit. AIR correspondent Vijay Raina covering the Prime Ministers visit reports that the leaders will discuss and understand each others' viewpoints on the international financial and economic situation, inflation that is affecting several countries and volatility in currency rates. Manmohan Singh will be in Sanya for three days and will also hold bilateral talks with the presidents of Russia, president Medvedev and their Brazalian and the South African counterparts Rouseff and Jacob Zuma. Dr. Singh said that there is immense potential for moving forward in the areas of political and security cooperation with Kazakhstan. He will fly to Astana, its capital on Thursday to hold talks with the President Nursultan Nazarbayev. The Prime Minister said that he will build upon the successful visit of the Kazakh President to India in 2009 to enhance partnership in trade and investment. With the focus on energy and trade, India and Kazakhstan are expected to sign at least six agreements, including one on civil nuclear cooperation. The two sides will ink an inter-governmental framework pact on non-military atomic cooperation.

Most Read
View All arrow-right

No posts found.