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To achieve mutual prosperity, BRICS nations should endeavor to trade in their own currencies and create a business-friendly environment, Vice President Hamid Ansari said today.
Speaking at the launch of the first BRICS Trade Fair here, Ansari said the five-nation grouping -- Brazil, Russia, India, China and South Africa - would need to take five steps to acheive the objectives of inclusive economic development, reduce unemployment, eradicate poverty and promote social inclusion.
"Create a business-friendly environment for investors and entrepreneurs in all member countries with a view to promote mutual trade and investment; and facilitate market inter-linkages and enhance market access opportunities," he said.
He said: "We need to increase our trade in each other's currency to further pluralise trading currencies and lessen the use of a single dominant currency".
Transition to trade in national currencies will reduce the risk volatility and protect us from adverse fluctuations, which often cause huge economic and trade losses, he added.
Issues such as terrorism, economy and connectivity are expected to dominate the deliberations at the two-day BRICS summit to be held in Goa on October 15-16.
Ansari said that BRICS would need to foster the liberalisation of trade in services, especially in promoting movement of people for commercial activity.
"The proposal for a BRICS visa on a long-term basis for genuine travellers, is one such effort aimed at stimulating greater economic activity by enhanced mobility of our entrepreneurs," the Vice President said.
He also said that BRICS member countries need to enhance and diversify trade and investment cooperation that support value addition.
Value-added trade has a role in transforming our economies from providers of raw material into key players in the global economy, he said.
"We also need to build resilience to external economic shocks and strengthen macro-economic policy coordination by promoting information exchange through agreed platforms and by deepening our interaction and cooperation with non-BRICS countries, international organizations and forums," he added.
Further, he said that this trade fair provides an opportunity for encouraging intra-BRICS synergies by linking both the BRICS Business Forum and the BRICS Business Council.
The identification of specific cooperation areas-- innovation, technology, energy, infrastructure and agri- business-- spanning trade in goods and services, as well as the participation of investment promotion agencies, will reap rich dividends to BRICS, Ansari said.
"As growing economies, we have to translate our growth into inclusive economic development. We have to reduce unemployment, eradicate poverty and promote social inclusion. We recognize the importance of balanced global trade for mutual prosperity," he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)