Search Result for : Brics Summit

The Dollar Business Bureau  With Prime Minister Narendra Modi’s visit to China for the BRICS Summit, media reports hint that there could be a bilateral meeting between PM Modi and China’s Premier Xi Jinping. The world media awaits with anticipation at this possible meeting between the two leaders, as it comes after the tense 73-day standoff at the Doklam region.  The Summit which began today at the Chinese port city of Xiamen had the unveiling of the Xiamen Declaration signed by its member countries, Brazil, Russia, India, China and South Africa. The Declaration amongst other things calls for energizing the practical cooperation between the member countries. It states enhancing communication and coordination in improving global economic governance to foster a more just and ...

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 ...

Asserting that results of the reforms undertaken by his government were visible, Prime Minister Narendra Modi today said the country has transformed into "one of the most open economies" in the world with a strong growth rate."We have undertaken substantial reforms in the past two years to streamline and simplify governance, especially in doing business. The results are clearly visible," Modi told the Brics Business Council as part of the eighth summit of the five-nation grouping here."We have moved up in almost all global indices that measure such performances. We have transformed India into one of the most open economies in the world today. Growth is strong and we are taking steps to keep the momentum going," the Prime Minister ...

Manishika Miglani Taxation is a vexing issue which hampers the very idea of ease of doing business which has led to the government taking systemic reforms to boost Indian trade, said Union Commerce Minister, Nirmala Sitharaman at an Assocham conference on “Strategies for double-digit growth in exports” held in New Delhi. While bringing forth the challenges faced by the Indian export industry in different sectors, Sitharaman acknowledged logistics as a key concern challenging the industry. She also highlighted regional barriers that countries need to discuss on the sidelines of events such as BRICS, as one of the significant components to strengthen exports in order to get access to newer markets. Citing one such example, she recommended that the Chinese open their markets to ...

The Dollar Business Bureau  The BRICS trade ministers on Thursday prodded for enhanced cooperation on e-commerce amongst the member countries, besides calling for removing non-tariff barriers to encourage participation of emerging nations in the world trade.  The ministers also emphasized on the need to increase cooperation in the field of intellectual property rights (IPRs). The five-country group - Brazil, Russia, India, China and South Africa - created the BRICS IPR Cooperation Mechanism (IPRCM).  The trade ministers instructed the IPRCM to start work on the decided terms of reference and enhance efforts to boost cooperation in a more coordinated and systematic manner. A joint communique released by the group after the 6th BRICS meeting said, “The ministers reiterated the importance of strengthening intra-BRICS cooperation on e-commerce...The ...

The Dollar Business Bureau Chinese President Xi Jinping is all set to attend the BRICS summit to be held in Goa during his four-day tour to India, Cambodia and Bangladesh respectively. Jinping will meet India’s Prime Minister Narendra Modi on the sidelines of the summit which is scheduled to take place on October 15. The annual summit will be attended by the heads of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) countries that includes Bangladesh, Bhutan, Nepal, Sri Lanka, Myanmar and Thailand along with member countries of BRICS (Brazil, Russia, India, China and South Africa). The Chinese President will meet 11 government heads in total. One of the highlights of Jinping’s tour is his visit to Bangladesh, an important event which is taking place ...

The Dollar Business Bureau Pitching South Africa as an attractive investment destination, the BRICS business delegates from the country said South Africa has always regarded manufacturing as the heartbeat of its industrial policy and action plan, while serving as the gateway to Africa. “South Africa is moving towards a knowledge based economy with focus on high infrastructure and accessibility, ICT and connectivity through road, railways and airways. With emphasis on trade, South Africa is strategically located as an export platform and that the export partners have diversified over the years,” said Invest South Africa Head Yunus Hoosen, while addressing the session on ‘Investment Opportunities in South Africa’ at the BRICS Trade Fair in New Delhi. Hoosen highlighted his country’s priority sectors for foreign direct investments (FDI) included ...

The Dollar Business Bureau India envisages to utilise the upcoming BRICS trade fair, business forum & business council meeting to stimulate the BRICS strategy for economic partnership among the member countries. This month, New Delhi will host a series of BRICS programmes - BRICS Trade Fair on October 12-14, BRICS Business Forum on October 13 and BRICS Business Council on October 14 - to deepen intra-BRICS economic engagement, trade and investment ties. BRICS countries’ trade with the rest of the world has continued to increase over the years. Merchandise exports of the five-member bloc have increased from $3.2 trillion in 2012 to $3.47 trillion in 2014. The Merchandise imports into the BRICS countries have also stretched from $2.95 trillion in 2012 to $3.03 trillion ...