Showing posts with label BRICS. Show all posts
Showing posts with label BRICS. Show all posts
rime Minister Dr Manmohan Singh has said that all leading economies need to come together and find a comprehensive solution to revive the economy. The Prime Minister was hosting an informal meeting of leaders of BRICS countries in Los Cabos last night. Our Correspondent covering the Summit, reports that leaders of the BRICS including India, China, Russia, Brazil and South Africa have committed to contribute 73 billion US dollars to IMF to meet the exigencies arising out of Euro crisis. On the sidelines of the Summit, Dr Manmohan Singh had talks with Mexican President Felipe Calderon and German Chancellor Angela Merkel.
The BRICS countries signed two agreements to initiate trade in their local currencies . Following the fourth BRICS Summit in New Delhi on Thursday, the five emerging economies also agreed on a joint working group to set up a development bank that will extend credit facilities to member countries in local currencies.
The master agreement is aimed at reducing the demand for fully convertible currencies like dollar, euro and pound etc for transactions among BRICS nations. This will help reduce the transaction costs of intra-BRICS trade. The joint working group will be required to submit a report on the initiative by the next Summit.
In a joint media statement, the Prime Minister Dr. Manmohan Singh said the agreements would boost trade among the BRICS countries. At the same time, he pressed for easing of business visas to facilitate increase in intra-grouping trade and investment.
Summing up the sense of the meeting, Dr. Singh said all the five countries were affected by the global economic slowdown, volatility in food and energy prices, political uncertainty in West Asia and the rise of terrorism and extremism.
Earlier, addressing the BRICS Summit, Dr. Singh advocated from improvement in global governance. He said BRICS should speak in one voice on important issues like UN Security Council reforms. He also sought international cooperation on issues like energy, food and water security.
At their Summit meeting , Prime Minister Manmohan Singh, Chinese President Hu Jintao, Russian President Dmitry Medvedev, Brazilian President Dilma Rousseff and South African President Jacob Zuma pitched for close coordination among the five leading economies to meet the challenges being witnessed in the global scenario.
In a Joint Delhi Declaration adopted after the summit the leaders underlined that dialogue was the only way to resolve issues related to Iran and Syria. Expressing deep concern over the situation in Syria, the leaders called for an immediate end to all violence and violations of human rights .
On Iran, the BRICS leaders voiced concern over the situation emerging around its nuclear programme and said it cannot be allowed to escalate into conflict as it could have disastrous consequences which will be in no one's interest.
The Delhi declaration recognized that stability, peace and security of West Asia and North Africa hold vital importance for all member nations and also for the international community .
The declaration said, the immediate priority at hand is to restore market confidence and get global growth back on track. It also called for a more representative international financial architecture .
The BRICS nations also agreed to continue efforts for the successful conclusion of the Doha round.
AIR correspondent reports, the Delhi Declaration issued at the end of the summit reflects the shared perception of the BRICS countries, which account for 40 percent of global GDP and nearly half the world's
The master agreement is aimed at reducing the demand for fully convertible currencies like dollar, euro and pound etc for transactions among BRICS nations. This will help reduce the transaction costs of intra-BRICS trade. The joint working group will be required to submit a report on the initiative by the next Summit.
In a joint media statement, the Prime Minister Dr. Manmohan Singh said the agreements would boost trade among the BRICS countries. At the same time, he pressed for easing of business visas to facilitate increase in intra-grouping trade and investment.
Summing up the sense of the meeting, Dr. Singh said all the five countries were affected by the global economic slowdown, volatility in food and energy prices, political uncertainty in West Asia and the rise of terrorism and extremism.
Earlier, addressing the BRICS Summit, Dr. Singh advocated from improvement in global governance. He said BRICS should speak in one voice on important issues like UN Security Council reforms. He also sought international cooperation on issues like energy, food and water security.
At their Summit meeting , Prime Minister Manmohan Singh, Chinese President Hu Jintao, Russian President Dmitry Medvedev, Brazilian President Dilma Rousseff and South African President Jacob Zuma pitched for close coordination among the five leading economies to meet the challenges being witnessed in the global scenario.
In a Joint Delhi Declaration adopted after the summit the leaders underlined that dialogue was the only way to resolve issues related to Iran and Syria. Expressing deep concern over the situation in Syria, the leaders called for an immediate end to all violence and violations of human rights .
On Iran, the BRICS leaders voiced concern over the situation emerging around its nuclear programme and said it cannot be allowed to escalate into conflict as it could have disastrous consequences which will be in no one's interest.
The Delhi declaration recognized that stability, peace and security of West Asia and North Africa hold vital importance for all member nations and also for the international community .
The declaration said, the immediate priority at hand is to restore market confidence and get global growth back on track. It also called for a more representative international financial architecture .
The BRICS nations also agreed to continue efforts for the successful conclusion of the Doha round.
AIR correspondent reports, the Delhi Declaration issued at the end of the summit reflects the shared perception of the BRICS countries, which account for 40 percent of global GDP and nearly half the world's
Commerce Minister Anand Sharma today said, the BRICS, economies comprising Brazil, Russia, India, China and South Africa have an important role to play in defining the changing global financial architecture.
Mr. Sharma said this while addressing the inaugural session of the BRICS Business Forum in New Delhi this morning.
He said, the BRICS countries are the engines of growth assisting the global economic recovery, and they should jointly work towards their concerns being heard in the international fore.
Mr. Sharma said, the coming together of the five countries have attracted global attention as they have tremendous potential for collective economic prosperity.
He called upon the BRICS nations to deepen and diversify the economic partnership to benefit their own people and also to contribute towards faster global economic recovery.
He said, the member nations have to set priorities and targets while ensuring free flow of capital, exchange of technology and to create a common platform for enhanced trade and commerce.
He said, India is back on the path of achieving higher economic growth rate though it was recently impacted by low demand in the US, Europe and Japan. He said, high international oil prices, import of gold also put the current Account deficit position under duress.
Speaking on the occasion the Chinese Commerce minister, Chen Deming said, his country expects to clock 7.5 per cent growth even though a slow down was experienced.
Russia's Economic minister Ms. Elvira Nabiullina said, Russia though not a developing country registered 4.3 per cent growth and hopes to regain the growth rate of pre crisis levels. She also favored exchanges of national currency denominations between the BRICS nations for trade.
The South African Trade Minister Rob Davis said, his country's economy is closely interlinked with the African continent that has clocked 5.5 per cent growth. He said, Africa has opened up as land of tremendous opportunities for Industrialisation.
He said, a 29 percent increase was observed in trade with BRICS nations. Industry minister of Brazil Fernando Pimentel Brazil said, his country looks forward to enhanced economic activity between the BRICS countries
Mr. Sharma said this while addressing the inaugural session of the BRICS Business Forum in New Delhi this morning.
He said, the BRICS countries are the engines of growth assisting the global economic recovery, and they should jointly work towards their concerns being heard in the international fore.
Mr. Sharma said, the coming together of the five countries have attracted global attention as they have tremendous potential for collective economic prosperity.
He called upon the BRICS nations to deepen and diversify the economic partnership to benefit their own people and also to contribute towards faster global economic recovery.
He said, the member nations have to set priorities and targets while ensuring free flow of capital, exchange of technology and to create a common platform for enhanced trade and commerce.
He said, India is back on the path of achieving higher economic growth rate though it was recently impacted by low demand in the US, Europe and Japan. He said, high international oil prices, import of gold also put the current Account deficit position under duress.
Speaking on the occasion the Chinese Commerce minister, Chen Deming said, his country expects to clock 7.5 per cent growth even though a slow down was experienced.
Russia's Economic minister Ms. Elvira Nabiullina said, Russia though not a developing country registered 4.3 per cent growth and hopes to regain the growth rate of pre crisis levels. She also favored exchanges of national currency denominations between the BRICS nations for trade.
The South African Trade Minister Rob Davis said, his country's economy is closely interlinked with the African continent that has clocked 5.5 per cent growth. He said, Africa has opened up as land of tremendous opportunities for Industrialisation.
He said, a 29 percent increase was observed in trade with BRICS nations. Industry minister of Brazil Fernando Pimentel Brazil said, his country looks forward to enhanced economic activity between the BRICS countries
international news
The US President, Barack Obama, has told his Chinese counterpart, Hu Jintao, that both their countries have an interest in addressing the nuclear programme in Iran and North Korea. President Obama urged Beijing to do more to restrain his Communist ally.
Mr Obama said that America would not allow more and more regimes to possess the world's most deadly weapons. He also said that the United States would work with Russia to pursue further reductions in their nuclear arsenals.
Global challenges to tackle international terrorism, climate change, food and energy security, developmental issues and the international financial crisis will dominate the agenda of the fourth BRICS Summit taking place in New Delhi next week. Presidents of the BRICS countries including Russian President Dimitry Medvedev, Chinese President Hu Jin Tao, President Dilma Rousseff of Brazil and President Jacob Zuma of South Africa are expected to participate in the summit.
India will assume the Chairmanship of the BRICS Grouping at the Summit on the 29th of this month. the summit envisages to increase trade and investment between the members of the grouping and also reflect on global peace, security, stability among other issues. He said, two Frame work Agreements including one on Interbank Cooperation Agreement are also to be signed by the member nations. An Action plan and a Delhi Declaration will be issued at the end of the Summit.
He said, the President of Brazil Dilma Rousseff will also be extending her stay after the Summit on a State Visit to India.
The US President, Barack Obama, has told his Chinese counterpart, Hu Jintao, that both their countries have an interest in addressing the nuclear programme in Iran and North Korea. President Obama urged Beijing to do more to restrain his Communist ally.
Mr Obama said that America would not allow more and more regimes to possess the world's most deadly weapons. He also said that the United States would work with Russia to pursue further reductions in their nuclear arsenals.
Global challenges to tackle international terrorism, climate change, food and energy security, developmental issues and the international financial crisis will dominate the agenda of the fourth BRICS Summit taking place in New Delhi next week. Presidents of the BRICS countries including Russian President Dimitry Medvedev, Chinese President Hu Jin Tao, President Dilma Rousseff of Brazil and President Jacob Zuma of South Africa are expected to participate in the summit.
India will assume the Chairmanship of the BRICS Grouping at the Summit on the 29th of this month. the summit envisages to increase trade and investment between the members of the grouping and also reflect on global peace, security, stability among other issues. He said, two Frame work Agreements including one on Interbank Cooperation Agreement are also to be signed by the member nations. An Action plan and a Delhi Declaration will be issued at the end of the Summit.
He said, the President of Brazil Dilma Rousseff will also be extending her stay after the Summit on a State Visit to India.
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