Anand Sharma expresses optimism on growth in BRICS countries

New Delhi, Mar 27 (ANI): As India is set to host the fourth BRICS Summit in New Delhi from March 29, Union Commerce and Industry Minister Anand Sharma has expressed optimism on growth in BRICS countries.

Ahead of the summit, trade ministers of the five BRICS nations will meet for the second trade ministers meeting on Wednesday.

Highlighting the context of the meeting, Sharma said: "While the new risks to global economy emanating from euro zone debt crisis and uncertainty in global energy markets will have their impact upon economic growth in the BRICS countries, I am confident BRICS countries will continue to register strong growth."

Elaborating on the growing momentum of BRICS cooperation, Sharma further said that there is a large untapped growth potential of intra-BRICS trade and investments which we are presently focusing on for exploitation.

"BRICS Development Banks are in the advance stages of concluding Agreements on Extending Credit Facility in Local Currencies, and Multilateral Letter of Credit Confirmation Facility Agreement to facilitate further consolidation of trade and investment ties. Such intra-BRICS initiatives will not only contribute to enhanced intra-BRICS trade and investments but would also facilitate our economic growth in difficult economic times, " he added.

A number of new areas for deepening intra BRICS cooperation are expected to be discussed at the meeting of the Ministers tomorrow. The recommendations of the Ministers would feed into the Summit on March 29.

The five trade ministers are also expected to jointly inaugurate the business forum that is being organized jointly by the three major India Chambers of Commerce and Industry ASSOCHAM, CII and FICCI). Over 500 business leaders from the five countries are expected to attend this forum.

As per UNCTAD data the share of BRICS economies in the global trade has been increasing over the years. In 2010 it stood at 15 per cent up from 13.7 per cent the year before. In 2010-11 India had total trade worth 7519 million dollars with Brazil. During the same period trade with Russia was 5179 million dollars, with China 63095 million dollars and with South Africa 11,125 million dollars.

The last BRICS Summit was held in Sanya, China in April 2011. The Sanya Summit was the first after inclusion of South Africa in BRICS. (ANI)