Prime Minister Modi will be travelling to Brazil next week to attend the BRICS (Brazil, Russia, India, China and South Africa) summit, where he is set to meet a host of world leaders on the sidelines, including presidents of Russia and China.
United Nations reforms, international monetary organisations and a BRICS development bank are on the agenda of the summit to be held in Fortaleza, the north eastern coastal city of Brazil, on July 15 and 16.
A Fortaleza declaration containing the summit outcomes is on the cards.
This will be Modi’s first multilateral meeting after taking over as Prime Minister. He is also likely to meet Chinese President Xi Jinping and Russian President Vladimir Putin on the sidelines of the summit.
Summit host and Brazilian President Dilma Rousseff has invited leaders of South American nations including those from Argentina, Bolivia, Ecuador, Paraguay, Uruguay, Venezuala and Surinam for the summit.
Briefing reporters on the upcoming summit Sujata Mehta, secretary (economic relations) in the external affairs ministry, said all matters related to the establishment of the BRICS bank were still under negotiation and a decision may be taken in Fortaleza.
The BRICS bank, an establishment outside the framework of Bretton Woods institutions, would provide export credit guarantee for member nations and some developing countries, Mehta said in reply to questions.