This Article is From Oct 16, 2016

BRICS To Set Up Credit Rating Agency, Says PM Modi

India also called for doubling of trade between members from $250 billion to $500 billion by 2020.


  • PM Modi underscores reform agenda at summit
  • Says, 'Transformed India into one of the most open economies in world'
  • India calls for doubling of $250 billion trade from by 2020
Goa: Prime Minister Narendra Modi underlined his government's reform agenda while addressing BRICS business council at the 8th BRICS summit in Goa on Sunday. 

"In India, we have undertaken substantial reforms in the last two years to streamline and simplify governance, especially doing business in India," PM Modi said at the summit, where the issue of counter-terrorism strategy dominated the proceedings.

PM Modi said the business communities in BRICS - an exclusive group formed by Brazil, Russia, India, China and South Africa - play an important role in bringing the members together.

"Our business communities are the strongest proponents for closer and faster commercial cooperation among BRICS," he said. "We have transformed India into one of the most open economies in the world today." 

Leaders of the world's most influential economies on Sunday decided to set up a BRICS Credit Rating Agency. The final agreement, though, could not be signed at this summit.

India, which is currently chairing the BRICS grouping, called for doubling of trade between members from $250 billion to $500 billion by 2020.

The leaders urged the Shanghai-based New Development Bank or the BRICS bank - set up to rival the West-dominated World Bank - to focus on funding specific development priorities of the members and create a network of angel investors.

Specific agreements to set up research centres in the area of agriculture, railways and a BRICS sports council too was concluded.

While there was talk for greater cooperation on trade and economy, the points of friction between India and China, especially over the issue of terrorism, got articulated. At a time when boycott calls for Chinese goods are growing in the backdrop of China's refusal to blame Pakistan for the Uri terror attacks, the Chinese President raised the issue of growing protectionism. 

"Some countries are becoming inward looking and protectionism is rising. We must find work and find solutions together," said President Xi Jinping, who will host of the next BRICS summit.