【Brasilia】Prime Minister Narendra Modi said on Thursday India will work more closely with the resource-rich Latin American nations than ever before as the setting up of the BRICS development bank opens up newer opportunities for cooperation.
Brazilian President Dilma Rousseff, the host of this year’s BRICS summit, invited leaders from South America, including those from Argentina, Venezuela, Ecuador, Colombia, Argentina, Peru, Uruguay, Paraguay on the lines of President Jacob Zuma inviting those from Africa during the last year’s summit in Durban.
“I assure you that India will work more closely with South America than ever before. At the bilateral level, as a BRICS member, in the G-77, as well as other international forums,” he told leaders from South America. He returned home late on Thursday after a five-day visit to Brazil.
○Modi to launch 1st multilateral engagement with BRICS leaders
【Fortaleza】Prime Minister Narendra Modi will launch his first multilateral engagement with BRICS leaders, giving top priority for the establishment of the BRICS development bank with equal share holding for all the five members.
India is keen on the issue of equal share holding since it does not want a repeat of the distortions that have crept into Bretton Woods institutions like IMF, World Bank and the Asian Development Bank in which rich countries like the US and Japan have a strangle hold.
Sources said India’s primary goal is equal shareholding for all the members – Brazil, Russia, India, China and South Africa.
○Govt to push for FTA with Latin American nations---FE
【New Delhi】Even as the government is to review its free-trade agreements with several countries in South and South East Asia, including the Asean region, it is set to push for new such pacts with countries in Africa and South America.
This is part of its strategy for engagement with countries with potential to provide Indian entities greater scope for investment. “Latin America and Africa presents a vast market for Indian companies that has remained largely untapped. Gradually the scenario is changing as resource base and market dynamics are encouraging investments from India. An FTA will be a win-win for India here,” said a senior commerce ministry official.
【News source】
Will work more closely with Latin American nations: PM
PM pledges deeper ties with Latin American nations
Modi to launch 1st multilateral engagement with BRICS leaders
Narendra Modi to launch 1st multilateral engagement with BRICS leaders
Govt to push for FTA with Latin American nations
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