Moscow, July 6 (IANS): BRICS countries may sign an agreement on greater economic integration in the next five years, Russia’s First Deputy Economic Development Minister Alexei Likhachev said on Monday.
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“The leaders also asked the finance ministers and central bank governors to ensure that, by the next summit, the Contingent Reserve Arrangement (CRA) Working Group concludes the procedural rules and operational guidelines of the Governing Council and Standing Committee of the CRA, and to conclude an Inter-Central Bank Agreement”, said the Minister.
On July 9, Prime Minister Narendra Modi, President of Brazil Dilma Rousseff, Russian President Vladimir Putin, Chinese President Xi Jinping and President of South Africa Jacob Zuma will meet in Russia’s Ufa for a day-long meet.
Beside the SCO and BRICS summits, Ufa will also host a simultaneous meeting of members of the Eurasian Economic Union.
The BRICS Summit could look at the possibility of starting credit facility in local currency by the BRICS Bank. The first head of the Bank is noted Indian banker K V Kamath. Russian Federation is ready to discuss the issue of a free trade zone with South Africa as the counties’ economies do not compete in key areas but rather complement each other, according to Likhachev.
India is hoping to get more funds for infrastructure development from BRICS bank, which will start with an initial paid-up capital of Dollars 50 billion with each BRICS country contributing Dollars 10 billion. Its authorised capital is Dollars 100 billion.
BRICS account for a fifth of the world’s economic output and 40 percent of its population.
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