Manmohan Singh leaves for Durban to attend BRICS Summit

Prime Minister Manmohan Singh left here today on a four-day visit to Durban for attending the BRICS Summit expressing the hope that ways to revive global growth and faster movement on reform of institutions of global, political and economic governance will be discussed at the meeting of the emerging economies.

Accompanied by a high-power delegation including Finance Minister P Chidambaram and Commerce Minister Anand Sharma, Singh will attend the summit of five nations on Mar 26 and 27 when discussions will also be held on steps to ensure global macroeconomic stability as well as mechanisms and measures to promote investment in infrastructure and sustainable development.

In his departure statement, the Prime Minister said he looked forward to meeting with the new Chinese President Xi Jinping to discuss how India and China can maintain the positive trajectory of relationship and further strengthen "this very important bilateral relationship"

The first BRICS Summit on the African soil is expected to declare the launching 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 statement made no mention on the BRICS bank.

Finance Ministers of BRICS nations will meet in Durban tomorrow to give final touches to the bank.

In his statement, Singh said the Durban Summit provides a useful and timely opportunity to consult and coordinate on a broad range of issues with BRICS partners.

"We will discuss ways to revive global growth and ensure macroeconomic stability as well as mechanisms and measures to promote investment in infrastructure and sustainable development. India will also urge faster movement on reform of institutions of global political and economic governance. It is important that BRICS continue to consult closely on developments affecting global peace and security," he said in an obvious reference to higher quota for developing countries in Bretton Woods institutions like World Bank and IMF and the reform of the UN Security Council.