Modi To Launch 1st Multilateral Engagement With BRICS Leaders

Fortaleza: Prime Minister Narendra Modi will launch his first multilateral engagement with BRICS leaders, giving top priority for the establishment of the BRICS development bank with equal share holding for all the five members.

India is keen on the issue of equal share holding since it does not want a repeat of the distortions that have crept into Bretton Woods institutions like IMF, World Bank and the Asian Development Bank in which rich countries like the U.S. and Japan have a strangle hold.

Ahead of the BRICS Summit tomorrow in this north eastern coastal city, Modi will meet Chinese President Xi Jinping and Russian President Vladimir Putin on the sidelines to discuss the issue relating to the New Development Bank.

He will also discuss the possible outcomes of the summit on other issues like reforms of the UN Security Council and international financial architecture.

Sources said India’s primary goal is equal shareholding for all the members – Brazil, Russia, India, China and South Africa.

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