BRICS Summit 2023: In last 10 years, BRICS played vital role in economic cooperation, says Modi

In India, from street vendors to large shopping malls, all use Unified Payments Interface (UPI). India is the country with the highest number of digital transactions in the world. Countries like UAE, Singapore, and France are joining this platform: Indian PM Modi at BRICS Summit

Indian Prime Minister Narendra Modi starts speaking 

Ready to get back to grain deal but only if obligations of Russian side are fulfilled, says Putin.

Talking about common BRICS currency, Putin said de-dollarisation is an irreversible process.

"Holding such business Forums on a regular basis along with the 
systematic work of the brics business council which brings together to businessmen
and head of major ompanies of five countries plays immense practical role in promoting
mutual trade and evenetmenbt enhancing coopraiton ties and expendition," says Vladimir Puitn. 

Russian President Vladimir Putin begins speaking through virtual address

"The BRICS have already surpassed the G7, and account for 32% of world GDP in purchasing power parity. Projections indicate that emerging and developing markets will show a higher growth rate in the coming years, forecast for 4% this year and next, according to the IMF," says Lula.

I support a common trading currency for BRICS countries that will not replace our national currencies, says Brazilian President Luiz Inácio Lula da Silva

Hailing BRICS economies as powerful engines of global growth, host South Africa's President Cyril Ramaphosa acknowledged the role of foreign investments played in the development of the economies of BRICS nations.

Ramaphosa raised the issues of protectionism and called for transparency, inclusiveness and institutions like World Trade Organization (WTO) to be compatible with multilateralism.

Indian PM Narendra Modi landed in Johannesburg ahead of 15th BRICS annual summit.

South African leader Ramaphosa honours Chinese leader Xi Jinping with the country's highest order.

Chinese President Xi Jinping said Tuesday that China and South Africa were "standing at a new historical starting point" after a meeting with his counterpart Cyril Ramaphosa in Johannesburg. Unlike other BRICS leaders, Xi Jinping is on a state visit to South Africa on the sidelines of the BRICS summit.

"Today, standing at a new historical starting point, inheriting friendship, deepening cooperation, and strengthening coordination are the common aspirations of the two countries, and are also the important tasks entrusted to us by the times," Xi was quoted as saying by Chinese state media.

Brazil’s President Lula arrived in Johannesburg. He was received by South Africa's minister of foreign affairs and international cooperation, Naledi Pandor. He was greeted with traditional dancing and music. 

Chinese leader Xi Jinping has arrived and will meet South African President Ramaphosa at the Union Buildings in Pretoria. 

The members of BRICS bloc will weigh expanding membership as some members push to forge the bloc into a counterweight to the West. 

A push to strengthen the bloc, which has occasionally been hampered by internal strife and a lack of a clear vision, has become even more urgent in light of the increased international tensions caused by the conflict in Ukraine and the growing competition between China and the United States. 

South Africa's president, Cyril Ramaphosa, said in an address ahead of the meetings that an "expanded BRICS will represent a diverse group of nations with different political systems that share a common desire to have a more balanced global order". 

As per media reports, Modi is expected to have a series of bilateral meetings with visiting leaders of the African countries and Brazil President Lula, apart from host Ramaphosa. 

Sheikh Hasina and PM Modi likely to hold meeting on the sidelines. 

Indian Minister of Commerce Piyush Goyal said on Monday that BRICS is the driving force of global growth and the economies in the bloc are catching up with the combined GDP of G7 countries, with significant shifts in the manufacturing process. 

He was speaking at the opening ceremony of the BRICS Manufacturing Business Summit. 

"The 21st century has witnessed significant shifts in what we manufacture, how we manufacture and for whom we manufacture," Goyal told delegates from more than 30 countries at the event. 

"Manufacturing is a significant part of trade and industry and plays a pivotal role in the growth of a nation. While its dominance in the economy continues, the 21st century has witnessed a significant shift in what we manufacture, how we manufacture and what we manufacture," he said at the summit.

Officials have said that there is considerable interest in joining the grouping by various countries. 

The 2023 summit chair South Africa mentions that over 40 countries, including Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan have expressed interest in joining the forum. 

There are speculations that Indian Prime Minister Narendra Modi and Chinese leader Xi Jinping will hold a bilateral meeting. Some media outlets carried out reported citing sources, but there's no official confirmation. 

This is the first in-person BRICS summit after 2019 as in the last three years, the summits were held virtually because of the coronavirus pandemic. 

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The official website mentions that with this year's summit, the world awaits with bated breath to witness the unfolding of this influential alliance on the global stage. It noted that BRICS stands as a beacon of economic optimism, presenting an alternative global order to challenge the dominance of traditional institutions. 

"With a track record of accomplishments through the New Development Bank and the Contingent Reserve Arrangement, BRICS draws interest from numerous nations seeking an equitable platform of representation. This defining moment summons unity and commitment, promising a future of fairness and prosperity for the Global South," the website added. 

BRICS draws interest from numerous nations seeking an equitable platform of representation with a track record of accomplishments through the New Development Bank and the Contingent Reserve Arrangement. 

The Contingent Reserve Arrangement serves as a liquidity instrument to assist BRICS members that are having trouble making payments or maintaining their balance of payments. 

This swap agreement allowed the central bank of the BRICS member nation that was experiencing a balance of payments crisis to exchange its local currency for hard currencies like the US dollar with other BRICS members. 

The acronym BRIC was coined in 2001 by then Goldman Sachs chief economist Jim O'Neill in a research paper that underlined the growth potential of Brazil, Russia, India and China. It did not initially include South Africa. Its creation was initiated by Russia. 

In order to give its members a platform to contest a global system controlled by the United States and its Western allies, the bloc was established as an unofficial club in 2009. 

Like the United Nations, World Bank, or Organization of the Petroleum Exporting Countries (OPEC), the group is not a formal multilateral organization. 

Each country takes on a rotational one-year presidency of the group during the annual meeting of the heads of state and government of the member countries. 

Xinhua reported that after landing, Xi said that he is very glad to visit South Africa again and looks forward to having in-depth exchanges of views with Ramaphosa on deepening China-South Africa relations and issues of common interest. 

A signed article by Xi titled "Sailing the Giant Ship of China-South Africa Friendship and Cooperation Toward Greater Success" was published by SOuth Afican media outlets. 

It read: "The China-South Africa relationship is standing at a new historical starting point. It has gone beyond the bilateral scope and carries increasingly important global influence." 

"During my forthcoming visit, I look forward to working with President Ramaphosa to chart the plan for a new chapter of our comprehensive strategic partnership," it added. 

"China and South Africa should be inheritors of China-Africa friendship. We need to leverage the all-round, multi-tiered and institutionalized mechanisms for people-to-people exchanges between our two countries, and continue to advance exchanges and cooperation in culture, tourism, education, sports, media, universities, sub-national governments and the youth. We must keep the spirit of China-Africa friendship and cooperation as alive and strong as ever across the vast lands of China and Africa," it further said. 

Chinese President Xi Jinping arrived in Johannesburg on Monday evening (local time) to attend the 15th BRICS Summit and to pay a state visit to South Africa.

He was received by South African President Cyril Ramaphosa and senior South African officials at the airport.

Ramaphosa, along with South Africa's International Relations and Cooperation Minister Naledi Pandor, and Nkosazana Clarice Dlamini-Zuma, minister in the Presidency for Women, Youth and Persons with Disabilities, greeted Xi at the OR Tambo International Airport of Johannesburg, Xinhua reported. 

Indian Prime Minister Narendra Modi has embarked on a four-day visit to South Africa and Greece. PM Modi said, "Leaving for South Africa to take part in the BRICS Summit being held in Johannesburg." 

"I will also take part in the BRICS-Africa Outreach and BRICS Plus Dialogue events. The Summit will give the platform to discuss issues of concern for the Global South and other areas of development," it added. 

PM Modi said that he will be visiting Greece on August 25. He said, "I look forward to talks with @PrimeministerGR Kyriakos Mitsotakis. I will also be interacting with the Indian community there."