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BRICS to form working groups on trade,
investment promotion
PTI, July 18, 2012
India and four other BRICS countries are soon expected to set up
working on trade facilitation, customs cooperation, among other
issues, to enhance economic ties among the members.
"By the third quarter of this year, we may set up the working
groups. It would consists of government officials from all the
nations. It may also have people from private sector and academia,"
Director in the Commerce Ministry, Zothan Khuma, said here at a
function of CUTS and Observer Research Foundation.
Khuma said officials of the member countries are in the process of
drawing up terms and references for the groups.Besides trade
facilitation and customs cooperation, working groups would also be
set up on investment promotion and increasing cooperation in small
and medium enterprises (SMEs), he said.
"Huge potential is present among BRICS to increase trade and
investments," he added.BRICS is an association of five fast emerging
economies -- Brazil, Russia, India, China and South Africa.
The bloc is also considering to set up a Development Bank to
mobilise resources for infrastructure projects.
Speaking on the occasion, Director in the Department of Economic
Affairs, Usha Titus, said that for the bank, some issues needs to be
looked at like "would the bank deal with hard currency or local
currency or both? Its organisational structure and where it will be
located?"
The five emerging economies are performing relatively better than
their western counterparts during the time of global economic
uncertainties.
At the fourth BRICS summit in March, in an initiative to promote
trade in local currencies, the BRICS nations had signed two
agreements to provide line of credit to business community and
decided to examine the possibility of setting up a development bank
on lines of multilateral lending agencies.
Intra-BRICS trade is about $ 230 billion and has the potential of
more than doubling to $ 500 billion by 2015.
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