Ufa: The five-nation BRICS (Brazil, Russia, India, China and South Africa) summit that gets underway on Thursday will see discussions on enhancing cooperation in the economic area of the five countries.
Prime Minister Narendra Modi on Wednesday arrived in Ufa in Russia ahead of the BRICS and Shanghai Corporation Organisation summit.
With the BRICS Development Bank already set up, the summit could also look at the possibility of starting credit facility in local currency. The first head of the bank is noted Indian banker KV Kamath.
The BRICS Summit is being attended by Russian President Vladimir Putin, Brazilian President Dilma Rousseff, Chinese President Xi Jinping, Pakistani Prime Minister Nawaz Sharif and South African President Jacob Zuma.
"I am hopeful of productive meetings and interactions at the BRICS and SCO Summits, forums we attach immense importance to," the Prime Minister said.
"BRICS is no longer an organiation that can be dismissed, it has emerged as a major force in the developing world, it is no longer just a 'talk shop' organisation. Major concerns about security, politics, and economy are discussed. And it has also become a major forum to solve issues and disputes," said PS Raghavan, India's ambassador to Russia.
PM Modi met with Russian President Vladimir Putin on Wednesday. Putin pitched for increased cooperation with India and the two leaders also discussed market access issues and challenges to visa.
Modi is also expected to have a meeting with Pakistani Prime Minister Nawaz Sharif on Friday to discuss bilateral relations. At least five agreements are expected to be signed after Modi-Sharif meet in Ufa on Friday.
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