BRICS, comprising of the emerging economies of Brazil, Russia, India, China and South Africa, today has carved a niche in the world’s geopolitical order. In today’s G-20 countries’ forum, BRICS countries are playing a formidable role in shaping the macroeconomic policy.
In the years to come, it is expected that the BRICS countries will become global suppliers of manufactured goods and services as well as major suppliers and consumers of commodities. With the increase in the number of people in the middle income bracket, the growth and development in these economies is expected to be threefold. This evolving pattern has the potential to transform these economies into a powerful economic bloc.
In order to boost cross-border trade and investment and leverage the complementarities shared by each of these economies, the 9th BRICS Summit held in China this year witnessed several new cooperation mechanisms in the areas of Trade, Innovation, Customs, Connectivity and Infrastructure. One of the action oriented outcomes of the deliberations at the Summit has been the signing of a Memorandum of Understanding between the BRICS Business Council and the New Development Bank on Strategic Cooperation in the area of connectivity and infrastructure.
The September issue of Multilateral Newsletter captures the role of BRICS in the developing world and its contribution to the global economy, several new cooperation mechanisms to foster cross border trade and investments and remarks by Hon’ble Prime Minister of India at the 9th BRICS Summit. It also includes the highlights of the discussions and key takeaways of the Indian Ocean Rim Association (IORA) Conference on Water Security & Sustainability and the highlights of the ASEAN Session at the CII 14th Global MSME Business Summit. In addition to this, the Newsletter highlights the key trade engagements of India with Organization for Economic Cooperation and Development (OECD), World Economic Forum (WEF), United Nations Industrial Development Organization (UNIDO), Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), World Bank (WB) and Asian Development Bank (ADB).