Modi calls for $500 bn intra-BRICS trade target by 2020

The Dollar Business Bureau

Prime Minister Narendra Modi called upon the heads of the BRICS (Brazil, Russia, India, China and South Africa) to double the figures of intra-group trade to $500 billion in the next five years.

“In 2015, intra-BRICS trade stood at about $250 billion. We should set ourselves a target to double this number to $500 billion (around 33 lakh crores) by 2020,” Modi said while addressing the 8th BRICS Summit which is concluded on Sunday.

“This needs industry and businesses in all the five member nations to scale up their engagements. For the governments to ease this procedure to the fullest,” he added.

Referring to the outcome of the summit, the PM further said that the agreement among the members on a framework on tax and custom cooperation is a good beginning. 

The Indian PM declared BRICS as a shining example of peace potential and promise in the world of continuing economic uncertainties and new security challenges. He said that the group's work holds much significance for the developing world. 

Modi further said that last year, the five-nation group played an active part in shaping the world agenda for development and change. The association with the Paris Climate Agreement, Agenda 2030, and the Addis Ababa Action Agenda has been productive and purposeful. 

We continue to be at the front to push change in the governance architectures of the world. BRICS nations should drive to empower the governance institutions across the globe to reflect reality of today, he added.