PM Modi’s Key Discussions at 16th BRICS Summit with China
Prime Minister Narendra Modi, during the 16th BRICS Summit held in Kazan, Russia, emphasized the growing influence of the BRICS group as more nations join. Foreign Affairs expert Robinder Sachdev highlighted Modi’s focus on the Unified Payments Interface (UPI) as a tool for international cooperation. Sachdev noted the potential of UPI to facilitate cross-border payments, challenging the dominance of the SWIFT network.
In his speech, PM Modi underscored BRICS’ role as a positive force in global affairs and India’s commitment to humanitarian issues. The summit marked the first meeting in five years between PM Modi and Chinese President Xi Jinping, where they discussed critical issues like the border situation and the significant trade deficit of USD 80 billion between India and China.
Sachdev stressed the importance of resolving the border issues to progress on other fronts and urged for a level playing field for Indian exports in China. The meeting was seen as an opportunity to address longstanding issues and foster a cooperative future between India and China.
Doubts Revealed
BRICS -: BRICS is a group of five countries: Brazil, Russia, India, China, and South Africa. They work together to discuss and solve global issues.
UPI -: UPI stands for Unified Payments Interface. It’s a system in India that allows people to transfer money easily using their mobile phones.
SWIFT network -: SWIFT is a global system used by banks to send money across countries. It’s like a messaging network for banks to communicate securely.
Trade deficit -: A trade deficit happens when a country buys more from another country than it sells to them. In this case, India buys more from China than it sells to China, leading to a USD 80 billion trade deficit.
Kazan, Russia -: Kazan is a city in Russia where the 16th BRICS Summit was held. It’s known for its rich history and cultural diversity.
