New Delhi / March 27,
India is hosting the Fourth BRICS Summit in New Delhi on March 29. On
the preceding day, i.e. tomorrow the Commerce & Trade Ministers of the
five member national – Brazil, Russia, India, China and South Africa are
meeting for the Second Trade Ministers Meeting.
context of the meeting, Union Minister for Commerce, Industry and
Textiles Anand Sharma said “there is a large untapped growth potential
of intra-BRICS trade and investments which we are presently focusing on
BRICS Development Banks are in the advanced stages of concluding
Agreements on Extending Credit Facility in Local Currencies, and
Multilateral Letter of Credit Confirmation Facility Agreement to
facilitate further consolidation of trade and investment ties.
A number of new areas
for deepening intra BRICS cooperation are expected to be discussed at
the meeting of the Ministers on March 28. The recommendations of the
Ministers would feed into the Summit being hosted by India on March 29.
The five Trade Ministers are also expected to jointly inaugurate the
Business Forum that is being organized jointly by the three major Indian
Chambers of Commerce and Industry – i.e CII, FICCI and ASSOCHAM. Over
500 business leaders from the five countries are expected to attend this
Contact Group on Economic and Trade Issues (CGETI) was established
following BRICS Trade Ministers meeting in Sanya, China in April 2011.
The CGETI is entrusted with the task of proposing an institutional
framework and concrete measures to expand economic cooperation both
among BRICS countries and between BRICS countries and all developing
countries, within a South-South perspective. The CGETI has met twice so
far i.e. on 2 December 2011, in Beijing, China and on 6-7 March, 2012 in
As per UNCTAD data the share of BRICS economies in the Global Trade has
been increasing over the years. In 2010 it stood at 15 per cent up from
13.7 per cent the year before. In 2010-11 India had total trade worth
US$ 7.5 billion with Brazil. During the same period trade with Russia
was US$ 5. 2 billion, with China US$ 63.1 billion and with South Africa
US$ 11.1 billion.
A Plan of Action was endorsed at the Sanya Summit to strengthen
cooperation among BRICS countries in areas of security, finance,
business links, agriculture, health, culture, sports, science and
technology and green economy. The Delhi Summit aims to build on these
measures and also identify new areas for intensive cooperation. The
theme of the BRICS summit is Partnership for Stability, Security and