While the central banks of Brazil, Russia, India, China and South Africa are set to sign agreements for promoting trade amongst the five nations in local currencies, the BRICS leaders may this week also close ranks to warn US and Israel against any military action on Iran and try to iron out differences within the five-nation bloc on international response to the crisis in Syria.
The fourth BRICS summit scheduled to take place in New Delhi on Wednesday and Thursday is likely to witness signing of two deals by the central banks of the five nations – Master Agreement for Extending Credit Facilities in Local Currencies and a Multilateral Letter of Credit Confirmation Facility Agreement. The leaders of the five countries will review the progress of consultations on the proposed South-South Development Bank and will discuss reforms in the International Monetary Fund and World Bank.
The two framework agreements, which are ready to be signed, will facilitate financial settlements among the BRICS countries in national currencies, a move that Brazil, Russia, India and China had agreed upon in the second summit at Brasilia in 2010, a year before South Africa joined the bloc.
During the two-day summit, Prime Minister Manmohan Singh and his counterparts – President Dilma Rousseff of Brazil, President Dmitry Medvedev of Russia, President Hu Jintao of China and President Jacob Zuma of South Africa – will review the world economic situation and hold discussions on the challenges of ensuring a sustained recovery from the global slowdown, which has been complicated by the crisis in the Eurozone.
While the leaders will discuss climate change issues, the New Delhi summit is expected to add more political content to the BRICS agenda as it is taking place at a time when the world is witnessing fast moving important developments in West Asia with far-reaching implications for the region.
The BRICS consensus on Syria in the United Nations Security Council appeared to have broken last month, as India, Brazil and South Africa aligned with the US and rest of the West to vote in favour of an Arab League backed resolution that sought to put pressure on President Bashar al-Assad’s regime in Damascus to stop violent crackdown against anti-government protesters.
The resolution was vetoed by Russia and China, which also boycotted the ‘Friends of Syria’ meet in Tunis, although Brazil and India sent representatives to attend the meet.
“Foreign interference in domestic affairs is ever increasing under the pretext of protecting civilians. Russia’s position on Syria is well known,” said Russian Ambassador to India, Alexander M Kadakin.
The fourth BRICS summit scheduled to take place in New Delhi on Wednesday and Thursday is likely to witness signing of two deals by the central banks of the five nations – Master Agreement for Extending Credit Facilities in Local Currencies and a Multilateral Letter of Credit Confirmation Facility Agreement. The leaders of the five countries will review the progress of consultations on the proposed South-South Development Bank and will discuss reforms in the International Monetary Fund and World Bank.The two framework agreements, which are ready to be signed, will facilitate financial settlements among the BRICS countries in national currencies, a move that Brazil, Russia, India and China had agreed upon in the second summit at Brasilia in 2010, a year before South Africa joined the bloc.
During the two-day summit, Prime Minister Manmohan Singh and his counterparts – President Dilma Rousseff of Brazil, President Dmitry Medvedev of Russia, President Hu Jintao of China and President Jacob Zuma of South Africa – will review the world economic situation and hold discussions on the challenges of ensuring a sustained recovery from the global slowdown, which has been complicated by the crisis in the Eurozone.
While the leaders will discuss climate change issues, the New Delhi summit is expected to add more political content to the BRICS agenda as it is taking place at a time when the world is witnessing fast moving important developments in West Asia with far-reaching implications for the region.
The BRICS consensus on Syria in the United Nations Security Council appeared to have broken last month, as India, Brazil and South Africa aligned with the US and rest of the West to vote in favour of an Arab League backed resolution that sought to put pressure on President Bashar al-Assad’s regime in Damascus to stop violent crackdown against anti-government protesters.
The resolution was vetoed by Russia and China, which also boycotted the ‘Friends of Syria’ meet in Tunis, although Brazil and India sent representatives to attend the meet.
“Foreign interference in domestic affairs is ever increasing under the pretext of protecting civilians. Russia’s position on Syria is well known,” said Russian Ambassador to India, Alexander M Kadakin.
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