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From today: Building BRICS for a new world

With the BRICS summit starting on Thursday, the leaders of five emerging economies are all set to unveil a blueprint that will further their economic clout as well as strike political positions on global issues. Jayanth Jacob reports.

delhi Updated: Mar 29, 2012 02:38 IST
Jayanth Jacob

With the BRICS summit starting on Thursday, the leaders of five emerging economies are all set to unveil a blueprint that will further their economic clout as well as strike political positions on global issues.

New Delhi accorded a rousing welcome to the leaders of the constituent nations - Brazil, Russia, India, China and South Africa - on Wednesday.

Prime Minister Manmohan Singh will play host to President Dilma Rousseff of Brazil, President Dmitry Medvedev of Russia, President Hu Jintao of China and President Jacob Zuma of South Africa at the summit.

BRICS, touted as the new growth poles of the world, accounts for 25% of the global GDP, 18% of trade, 40% of the world's foreign exchange, and nearly half its population.

Since the last summit in Sanya, China, the grouping has decided to add greater political content to deliberations. The leaders will focus on fostering the intra-group trade, which has grown to an impressive 28% over the last few years.

The key outcomes of the summit in this regard are the announcement of a study group for the BRICS bank and the two enabling protocols for implementing the inter-banking agreement, which includes part-credit financing in local currencies subject to domestic laws.

The theme of the summit is 'BRICS Partnership for Global Stability, Security and Prosperity'.

The joint statement to be adopted at the end of the summit will have the grouping taking positions on global issues such as Syria and Iran.

The leaders will also focus on the global economic situation as well as restructuring of international financial institutions such as the World Bank and the IMF.

Issues regarding climate change and terrorism will also come up for greater deliberations. Singh will hold key bilateral talks with the presidents of Russia, China and Brazil on Thursday afternoon.