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India expects more weight on BRICS ahead of New Delhi summit: experts

(Xinhua)

09:36, March 28, 2012

NEW DELHI, March 27 (Xinhua) -- India are expecting the Fourth BRICS summit to be held in New Delhi on March 28-29 to add more weight on the emerging group as it is taking place amid the world economic downturn, an expert told Xinhua on Tuesday.

Sudhir Vyas, India Secretary (Economic Relations) in the External Affairs Ministry, said "the BRICS countries today present an opportunity as new growth poles in a multi-polar world, as demonstrated during the global economic crisis when they played a vital role that helped the world economy emerge from the shadows of the crisis."

India has proposed to establish a BRICS development bank as the five countries have fast growing economy and accumulated considerable foreign reserves in the BRICS think tank meeting early March.

The rationale behind the proposition is to reduce dependence on the U.S. and European development aid which is usually with strings attached, and put development projects in BRICS countries as priority, therefore promoting the reform of international financial system, and earn more space for developing countries.

However, the much-touted idea of a BRICS Development Bank or South-South Bank still remains a work in progress and will take more time to come to fruition. "It's still very much a thought that needs to be developed," said Vyas.

Noting two pacts for promoting intra-BRICS trade will be signed at the fourth summit of their leaders here Thursday, he said the pacts are expected to scale up intra-BRICS trade which has been growing at the rate of 28 percent over the last few years.

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