Improving institutional economic linkages and kick-starting the long-awaited trade growth between member nations will be on Prime Minister Narendra Modi's agenda, as he attends the 11th annual BRICS summit in Brazil, beginning Wednesday.
The nations of the BRICS grouping — Brazil, Russia, India, China, and South Africa — will be aiming to increase intra-region trade and investments, at a time when the global economic prospects continue to remain dim, a senior official said. The PM would be addressing the BRICS Business Forum and interacting with BRICS Business Council as well as the New Development Bank.
India is looking to step up engagement with Brazil in trade, defence, agriculture, and energy sectors, Modi said on Tuesday.
At the BRICS Trade Ministers’ meeting, attended by Commerce and Industry Minister Piyush Goyal, on Monday, India pushed for reducing non-tariff barriers to trade being faced by medium, small, and micro enterprises.
Commerce and Industry Minister Piyush Goyal said developed countries were raising more barriers, which lead to higher cost of trade in developing nations while at the same time advocating for open and free trade and tariff removal.
Goyal also stressed that countries should be free to form policies on e-commerce, countering the view of developed nations who have launched an effort at the World Trade Organization to form a global set of rules on the sector.
The meet also saw an agreement among trade and investment promotion agencies of member nations to facilitate greater trade.