Modi moots more ambitious targets of Intra-BRICS trade

PM Modi
Prime Minister Narendra Modi while addressing BRICS business forum in Brazil

New Delhi (NVI): Intra-BRICS trade and investment targets should be more ambitious, Prime Minister Narendra Modi said in Brazil inviting suggestions to further reduce the cost of trade between the BRICS countries.

Addressing the Bussiness Forum on the sidelines of BRICS Summit, Modi yesterday said, “Despite recession at the global level, Brics countries accelerated economic growth by contributing fifty per cent in the world’s economy and lift millions out of poverty.”

“Brics nations have achieved new breakthroughs in technology and innovation,” Modi said adding that, “By the next BRICS Summit, at least five areas should be identified in which joint ventures can be formed between the BRICS countries on the basis of complementarities.”

PM Modi

At the forum, PM Modi also proclaimed that India is the world’s most open and investment-friendly economy due to political stability, predictable policy and business-friendly reforms.

“Important initiatives such as innovation BRICS Network, and BRICS Institution for Future Network will be considered for discussions during the summit,” he added.

Further, he requested the private sectors to join these efforts focused on human resources, suggesting that the five countries should also consider a Mutual Social Security Agreement.

–ps