PM Narendra Modi’s Visit to Russia for BRICS Summit
Prime Minister Narendra Modi has embarked on a two-day visit to Russia to participate in the 16th BRICS Summit held in Kazan from October 22-24. The summit, chaired by Russia, focuses on the theme ‘Strengthening Multilateralism for Just Global Development and Security.’
Key Objectives of the Summit
The summit provides a platform for leaders to discuss global issues and assess the progress of BRICS initiatives. It aims to identify potential areas for future collaboration among member countries.
India’s Role and Agenda
Indian Ambassador to Russia, Vinay Kumar, emphasized India’s commitment to economic cooperation within BRICS. Key topics include economic cooperation, trade in national currencies, sustainable development, digital inclusion, and financial inclusion. PM Modi’s LiFE mission to combat climate change is also on the agenda.
Historical Context and Expansion
BRICS began as BRIC in 2006 with Russia, India, and China. South Africa joined in 2010, forming BRICS. In 2024, the group expanded to include Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
Bilateral Meetings and Trade Goals
PM Modi is expected to hold bilateral meetings, including one with President Putin. The two leaders previously set a trade target of USD 100 billion by 2030. The next India-Russia Intergovernmental Commission meeting is scheduled for November to finalize new sector targets.
Doubts Revealed
BRICS -: BRICS is a group of five countries: Brazil, Russia, India, China, and South Africa. They work together to improve their economies and solve global problems.
Summit -: A summit is a meeting where leaders from different countries come together to discuss important issues and make decisions.
Kazan -: Kazan is a city in Russia where the BRICS Summit is being held. It is known for its rich history and cultural diversity.
Economic cooperation -: Economic cooperation means countries working together to improve their economies by trading goods, services, and ideas.
Trade in national currencies -: Trade in national currencies means countries exchanging goods and services using their own money instead of using a common currency like the US dollar.
Sustainable development -: Sustainable development is about growing in a way that meets our needs without harming the environment or using up resources for future generations.
Digital and financial inclusion -: Digital and financial inclusion means making sure everyone has access to technology and financial services, like banks and online payments, so they can participate in the economy.
Bilateral trade -: Bilateral trade is the exchange of goods and services between two countries. In this case, it refers to trade between India and Russia.
USD 100 billion -: USD 100 billion is a large amount of money, and it is the target for trade between India and Russia by the year 2030.
Expanded BRICS -: Expanded BRICS means that the group has added five new countries to work together on global issues, making it larger and more influential.
