Page 12 - Brics

Brics' bank can finance African countries to tackle urgent challenges

Bank's president Dilma Rousseff also pointed to the need for joint infrastructure projects between several countries, noting that Africa has the world's greatest untapped hydroelectric potential

PM Modi, China prez Xi seen having brief exchanges at Brics summit

Prime Minister Narendra Modi and Chinese President Xi Jinping were on Thursday seen having brief exchanges ahead of a media briefing by the BRICS leaders in Johannesburg. Modi and Xi are in the South African city of Johannesburg to attend the annual summit of BRICS (Brazil-Russia-India-China-South Africa). Video footage aired by a South African broadcaster showed Modi and Xi having a brief exchange. There was no official comment on the exchange by either side. Ahead of the start of the BRICS summit, there was speculation about the possibility of a bilateral meeting between Modi and Xi in Johannesburg. Modi is travelling to Greece on Thursday evening after concluding his engagements in the South African city. The prime minister and the Chinese president had a brief encounter at a dinner during the G20 summit in Bali in November last year. The ties between India and China came under severe strain following the eastern Ladakh border row that began in May 2020. Indian and Chinese t

Argentina to Iran: Brics leaders agree to admit 6 countries as new members

The leaders of the BRICS nations on Thursday decided to admit Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as the new members of the grouping, sealing a long-drawn process. The decision was announced by South African President Cyril Ramaphosa at a joint media briefing along with Prime Minister Narendra Modi, Chinese President Xi Jinping and Brazilian President Luiz Inacio Lula da Silva. The new members will become part of BRICS with effect from January 1, 2024, Ramaphosa announced. He said the decision on the new members were agreed upon after firming up the guiding principles, criteria and procedures for the expansion process. "We have consensus on the first phase of this BRICS expansion process," Ramaphosa said at the end of the grouping's summit in Johannesburg. "We have decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to become full members of BRICS," he said. "We value the interests of other countries

Brics expansion is message to all global institutions, says PM Modi

With the BRICS deciding to admit six countries as its new members, Prime Minister Narendra Modi on Thursday said the modernisation and expansion of the grouping is a message that all global institutions need to transform considering the changing times. At a media briefing along with the BRICS leaders in Johannesburg, Modi said admitting Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members will give new energy and direction to the grouping. The decision on expansion of the five-nation grouping was announced by South African President Cyril Ramaphosa at the end of the three-day BRICS summit in Johannesburg. He said the new member nations will become part of BRICS with effect from January 1, 2024. In his remarks, Modi said the decision to expand the grouping will also further strengthen the belief of many countries in a multipolar world. Modi made the remarks in his media statement in presence of Ramaphosa, Chinese President Xi Jinping and Brazil

Will strengthen grouping, says PM Modi as Brics adds 6 countries to group

India has always believed that adding new members will strengthen BRICS as an organisation, Prime Minister Narendra Modi said

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Brics nations agree for considering new members: S African minister

No new Brics bank members to be announced at summit, says CFO

India supports Brics expansion, welcomes consensus driven talks: PM Modi

The PM welcomed the move to give special importance to the countries of the Global South at Brics under the chairmanship of South Africa

Chinese Prez Xi calls for Brics expansion speed up, security cooperation

Chinese President Xi Jinping on Wednesday called for accelerating the expansion of the BRICS grouping besides efforts to jointly fend off risks by increasing the political and security cooperation among the countries of the five-nation bloc. Xi, who skipped his attendance at the BRICS Business Forum on Tuesday sparking speculation about his absence, attended the Summit here on Wednesday where he pitched for more political and security cooperation among the member countries. He was the only leader absent from the BRICS Business Forum on Tuesday, with Chinese Commerce Minister Wang Wentao reading a speech in his place that had a hardline message apparently aimed at the US. Asked why Xi had not attended the forum, Chinese Foreign Ministry spokesman Wang Wenbin sidestepped the question, telling reporters in Beijing on Wednesday that Xi's speech had been delivered. While his speech at the Business Forum hit out at the US saying that some country, obsessed with maintaining its hegemony,

Brics Summit to advance cause of common prosperity: S Africa Prez Ramaphosa

The BRICS Summit will advance the cause of common prosperity and progress, South African President Cyril Ramaphosa said on Wednesday afternoon as he welcomed the leaders from Brazil, Russia, India and China at the opening of the 15th BRICS Summit. Ramaphosa said the BRICS partnership that straddles four continents and five countries that are home to almost three-and-a-half billion people has over the past decades been a major driver of global growth, trade and investment. We are confident that this 15th BRICS Summit will advance the cause of common prosperity and progress. We are confident that (it) will enrich and inspire our work towards the achievement of a more humane global community, he said. Underlining that BRICS stands for solidarity, progress, sustainable development, inclusiveness and a "more just, equitable world order", the president said, We are an inclusive formation of developing and emerging economies that are working together to benefit from our rich histories, ...

Brics' NDB to provide $173 mn loan to TCTA for Lesotho water project

The New Development Bank (NDB), which was established by the BRICS bloc, and the Trans-Caledon Tunnel Authority (TCTA) have inked a loan agreement for the implementation of phase II of the Lesotho Highlands Water Project (LHWP). The NDB will provide a project loan of 3.2 billion South African Rand (USD 173 million) to TCTA under the sovereign guarantee of South Africa. Lesotho is a small landlocked country bordered on all sides by South African provinces. The LHWP is a multi-phased project to provide water to the Gauteng region of South Africa and to generate hydroelectricity for Lesotho. The Loan Agreement was signed by Vladimir Kazbekov, Vice President and Chief Operating Officer of NDB and Percy Sechemane, Chief Executive Officer of TCTA, on the sidelines of the 15th BRICS Summit currently taking place in Johannesburg. TCTA, a state-owned entity in South Africa charged with financing and implementing bulk raw water infrastructure projects, will use the funds to construct the ...

Be future ready, we support consensus-based expansion of Brics: PM Modi

Prime Minister Narendra Modi on Wednesday asserted that for a "future-ready" BRICS, the societies of these five countries will have to be "future-ready" and extended India's support to the expansion of the grouping based on consensus. Addressing the annual summit of leaders of BRICS (Brazil-Russia-India-China-South Africa), including Chinese President Xi Jinping, Modi, also hoped that India's proposal to make the African Union a permanent member of the G20 will be supported by BRICS member nations. "We will have to make our societies future-ready to make BRICS future-ready," he said at the meet in Johannesburg. Welcoming the move to give special importance to countries of the Global South under the South African presidency of the BRICS, Modi said India has given the "highest priority" to the countries of the Global South under its G20 presidency as well. India fully supports the expansion of BRICS and welcomes the move to take forward the proposal based on consensus, he said. The

Brics meeting: PM Modi picks up national flag placed as marker, keeps it

Showing respect to the Indian flag, Prime Minister Narendra Modi on Wednesday immediately picked up the tricolour placed on stage at a BRICS meeting here to mark the standing place of every leader so as not to step on it. A video of the meeting showed South African President Cyril Ramaphosa acknowledging the prime minister's gesture and picking up his country's flag after stepping on it. While Ramaphosa handed over his flag to an official, Modi kept the tricolour with him. Earlier, Modi also held a bilateral meeting with Ramaphosa during which they reviewed the progress made in bilateral ties, exchanged views on regional and multilateral issues and also on ways to work jointly to strengthen the voice of the Global South.

Brics Summit: Modi meets South African president, addresses plenary session

During the Plenary Session I of the summit, PM Modi said that BRICS (Brazil-Russia-India-China-South Africa) embarked on a long and amazing journey in the last two decades

Chandrayaan-3: PM to virtually witness attempted lunar landing in S Africa

According to Indian Space Research Organisation (ISRO), Chandrayaan-3 is all set to create history by landing on the uncharted south pole of the moon

BS Policy & Politics: Food-driven retail inflation may cool only in Sept

Cereals, pulses and milk were other food items to push up the rate of price rise in July, prompting the government to take more measures to tame prices

BRICS Summit 2023: Will adding more bricks to a divided house help?

Whether BRICS becomes the voice of the Global South or remains a divided house without any coherent agenda will be keenly watched

PM Modi arrives in South Africa's Johannesburg to attend 15th Brics summit

Prime Minister Narendra Modi arrived in South Africa on Tuesday on a three-day official visit during which he will attend the 15th BRICS summit and hold bilateral meetings with a number of world leaders. Modi is visiting the African country from August 22 to 24 at the invitation of South African President Cyril Ramaphosa. South Africa is hosting the first in-person summit of BRICS comprising Brazil, Russia, India, China, and South Africa, since 2019. Earlier in his departure statement in New Delhi, Modi said BRICS has been pursuing a strong cooperation agenda across various sectors. "We value that BRICS has become a platform for discussing and deliberating on issues of concern for the entire Global South, including development imperatives and reform of the multilateral system," he said. This summit will provide a useful opportunity for BRICS to identify future areas of cooperation and review institutional development, he said. Modi posted on X that he will also take part in the ..

15th BRICS Summit 2023: History, significance, top agendas, and more

PM Modi departed for the 15th BRICS Summit 2023, which will be held in Johannesburg, South Africa, from August 22 to August 24, 2023. Check here the top points of the summit

PM Modi's visit to S Africa to help Indian community, says diaspora member

Prime Minister Narendra Modi will visit South Africa at President Cyril Ramaphosa's invitation to attend the 15th BRICS Summit, which will be held in Johannesburg from August 22 to 24