According to reports, leaders of Brazil, Russia, India, China and South Africa are likely to discuss food, energy security and inclusive growth to meet the poverty eradication objectives of developing countries when they meet in the capital to attend the fourth Brics Summit.
The summit assumes significance on the back of slowdown in global economy and the continuing potential of the member countries to be drivers of global growth. “The summit that is being held on March 29 will see India assuming the chairmanship of the group for the coming year. Prime minister Manmohan Singh will host president Dilma Rousseff of Brazil, president Dimitry Medvedev of Russia, president Hu Jintao of China and president Jacob Zuma of South Africa,” a foreign office statement said.
On Monday, presidents and prime ministers of Brics summit will witness signing of two agreements on extending credit facilities in local currencies, multilateral letter of credit confirmation facility among the Brics development banks.
Besides, a report on the economies of Brics countries, synergies and complementarities prepared over last two years by a multi-national group of economists and experts headed by India’s chief economic advisor, Kaushik Basu will also be released at the summit.
A business forum meeting will precede the summit level talks on March 28 where businessmen and women from apex business bodies from the five countries will participate.
The forum will see discussions on enhancing financial connectivity for increasing trade and investments among Brics, role of member nations in ensuring global food security, cooperation in energy security with focus on green and renewable energy and role of information technologies apart from improving business amongst the members. This will be followed by a financial forum meet that will brings together export-import and development banks of the five countries.