ibnlive » Business

Mar 25, 2013 at 08:27pm IST

PM arrives in Durban for BRICS Summit

Durban: Prime Minister Manmohan Singh on Monday arrived in South Africa on a four-day visit to attend the BRICS Summit that could launch a development bank for the five-nation grouping and discuss ways to reform governance in international financial institutions.

The Prime Minister is leading a high-level delegation including Finance Minister P Chidambaram, Commerce Minister Anand Sharma and National Security Adviser Shivshankar Menon.

He will also have an opportunity to meet the new Chinese leadership on the Summit sidelines when he calls on President Xi Jinping on Wednesday.

PM arrives in Durban for BRICS Summit

This BRICS Summit could lead to the launch of a development bank for the five-nation grouping.

The highlight of the first BRICS Summit on the African soil of the emerging economies of Brazil, Russia, India, China and South Africa (BRICS) is the possible setting up of a development bank for undertaking infrastructure and development projects.

The idea of the bank, mooted by India last year during its presidency, has been supported by China. However, the Prime Minister's departure statement made no mention on the BRICS bank.

The meeting of the USD 12 trillion grouping also comes at a time when the global economy is still grappling problems of slowdown. The leaders are expected to take a call on scaling up intra-BRICS trade to a new level of USD 50 billion discussed sometime ago by their commerce ministers.

The other major issue coming up at the Summit is the need for reforms of global financial governance architecture and spurring infrastructure building in the developing world.