6th BRICS Summit: India’s PM Modi flies to Brazil
Prime Minister Narendra Modi has flown to Brazil to participate in the sixth annual BRICS summit.
The BRICS summit – a multilateral forum comprising of the upcoming economies of Brazil, Russia, India, China and South Africa – will be the first occasion that the Prime Minister will be interacting with world leaders after assuming office in May 2014.
The 2-day summit will be held in the cities of Fortaleza and Brasilia in Brazil.
India’s key agendas for this summit:
- BRICS BANK: The key agenda will be establishing a new development bank on the lines of the World Bank and Asian Development Bank. The idea was first talked about at the BRICS meet in New Delhi in 2012.
- CONTINGENT FUNDS: With a corpus of $100 billion the proposed bank will finance projects for infrastructure projects in emerging, developing nations and will compete with the west dominated IMF and World Bank.
- Who will host BRICS BANK: With both India and China vying to host the headquarters for the proposed bank, the contentious issue will be discussed.
- INDIA-CHINA on security: India is likely to take up the matter of security of India’s Northern and Eastern borders that it shares with China. PM Modi, who will have bilateral meetings with all BRICS leaders, will meet Chinese President, Xi Jinping.