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India hosts BRICS Summit, trade ministers to meet

business Updated: Mar 28, 2012 12:22 IST

Agencies
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Chinese President Hu Jintao will on Wednesday arrive in New Delhi on a two-day visit to attend the fourth BRICS summit and will also hold bilateral talks with Prime Minister Manmohan Singh on a range of key issues.

India's concern over widening trade imbalence with China is likely to be raised by Singh during his talks with the Chinese President.

Chinese officials indicated that at the BRICS summit, Hu is expected to highlight need for improving global governance, enhancing trade and push for creation of a mechanism for trading in local currencies among the five-member countries.

They said China was ready to work with other BRICS members to intensify dialogue and cooperation in a broad range of fields such as international economy finance, trade and business in a gradual manner.

A 150-member trade delegation would also accompany Hu.

Ahead of the BRICS Summit on Thursday, trade ministers of Brazil, Russia, India and South Africa (BRICS) will meet in New Delhi on Wednesday to discuss ways to strengthen economic ties.

Commerce and industry minister Anand Sharma would meet his counterparts from Brazil Fernando Pimente, Chen Deming from China and Russia's Elvira Nabiullina and Rob Davis from South Africa.

New areas of cooperation are expected to be discussed at the meeting, said an official release.

Sharma said, "There is a large untapped growth potential of intra-BRICS trade and investments which we are presently focusing on for exploitation."

Besides, the development banks of BRICS are in advanced stage of reaching a pact for extending cross-country credit in local currencies of the member countries, he said.

The theme of the 4th BRICS Summit is 'Partnership for Stability, Security and Growth'. The last summit was held in China in April, 2011.