The bank, with an initial capital of $50 billion, is being introduced at an organisational summit of the BRICS countries – Brazil, Russia, India, China and South Africa – in the Russian city of Ufa.
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According to Chinese Vice Foreign Minister Cheng Guoping, the BRICS leaders will draft a blueprint for economic and trade cooperation of the bloc by passing a “BRICS Economic Partnership Strategy”.
Ufa (Russia): BRICS has no plans to form a military and political alliance, Russian President Vladimir Putin said today, in an apparent effort to allay apprehensions of the West. Putin called for closer bilateral ties during talks on Wednesday in Ufa with Chinese President Xi Jinping.
Asked whether Modi took up the issue of Russia’s defence supplies to Pakistan, the Foreign Secretary said the discussions were confined to bilateral issues because of paucity of time.
Russia’s economy, battered by the punitive measures from the West and a fall in global oil prices, has been struggling to attract investment and is sliding towards recession, with gross domestic product expected to decline by more than 3 percent.
Referring to Brics New Development Bank, the prime minister said it should fund projects, which have cross-border collaboration among the five member countries. “While remembering the scourge of war, we highlight that it is our common duty to build a future of peace and development”, the document said.
Modi additionally proposed an annual BRICS commerce truthful, and stated India might host the primary such occasion.
Qazi Khalilullah said the prime minister will also hold meetings with the Presidents of Russian Federation, China and Afghanistan.
With regard to BRICS, Modi said that it is an “important pillar” in the world of challenges.
Mr Kamath said that the NDB should not be viewed as a tool to help sanctions-hit companies but said the bank will look at requests from Russian companies. The sanctions against Iran have run even longer, over fears that Tehran is secretly developing a nuclear weapons programme, and the pace at which they are to be lifted remains a sticking point in Iran’s ongoing negotiations with world powers.
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The two sides felt that the issue should be discussed further at the level of officials. Other members will also be invited to join.
