Full Coverage: BRICS Summit
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On the development bank, the leaders directed their finance ministers to “set up a joint working group for further study, and report back to us by the next summit”. Goldman Sachs put India at No 3 in 2050, a new report puts India as No 1—hence the govt’s complacence. A plan to form a joint development bank by the BRICS group of the world’s most powerful emerging economies will have a hard time getting off the ground and could struggle to match the World Bank’s expertise, World Bank President Robert Zoellick said PM Manmohan Singh said on Thursday, “We had an in-depth discussion on the situation in West Asia. We agreed that a lasting solution to the problems in Syria and Iran can only be found through dialogue.” Sources said the proposal regarding the CECA between India and the Customs Union of Russia, Kazakhstan and Belarus was discussed between the two sides. India also wants to engage with China for accessing the Central Asian countries. Intra-BRICS trade is about $230 billion and has potential of more than doubling to $500 billion by 2015. The emerging market nations also call for transparent process to select next World Bank president. The group is often criticised for being too diverse to be effective. The Delhi Declaration — the outcome document of the BRICS summit — will put forward the “contrarian view” on Syria and Iran that will be against the “drumbeats of war” For India to better leverage this club, it needs to set its own house in order The strong response comes in wake of exemption given by US to Japan and 10 European nations. Joint working group is likely to be announced today; proposed bank will provide funds at lower costs Developed nations are undermining food security by distorting trade through subsidies.