Prime Minister Narendra Modi hosts the *BRICS* leaders of Brazil, Russia,
China and South Africa in the coastal Indian state of Goa on Oct 15-16, he
has invited BIMSTEC leaders -- including Myanmar's Aung San Suu Kyi -- for
a parallel "outreach" meeting observers say is symbolic. The obscure
acronym (BIMSTEC), which stands for the Bay of Bengal Initiative for
Multi-Sectoral Technical and Economic Cooperation, includes India,
Bangladesh, Nepal, Bhutan, Sri Lanka, Myanmar and Thailand. The grouping is
notable mainly for who it excludes: India’s nuclear arch-rival Pakistan.
With Russian President Vladmir Putin headed for India to attend the BRICS
Summit in Goa, the S-400 <http://timesofindia.indiatimes.com/topic/S-400>
deal worth Rs.39,000 crores. Prime Minister Narendra Modi
and Russian president Vladimir Putin are expected to sign the crucial
agreement for the production of 200 Kamov 226T helicopters domestically (by
HAL-Bangalore) on the sidelines of the Brics summit from 13 to 16 October
in Goa. Kamov 226T will replace the aging Cheetah and Chetak choppers. The
joint venture for helicopters to be established between defence PSU
Hindustan Aeronautics and Russian Rostec State Corporation.
The annual BRICS (Brazil, Russia, India, China and South Africa) summit in
Goa on October 15-16 is undeniably the main course but hidden in the main
course is a set of ingredients with an independent chemistry, the IBSA
(India, Brazil and South Africa), along with the *plat d'accompagnement*,
BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic
Cooperation), that has as much potential as the main course. South Block
will need to use this opportunity to respond to the current realities in
India’s north and west, even as it consolidates India’s diplomatic push
east and south, while opening new avenues for engaging its western partners
in innovative ways.
In an interview with RT Russian president Vladimir Putin said “BRICS is one
of the key elements of the emerging multipolar world. The five countries
have consistently reaffirmed their commitment to the fundamental principles
of international law and promote the central role of the United Nations.
Our countries reject the policy of coercive pressure and infringement upon
the sovereignty of other states.”
Traditionally, the declarations of BRICS leaders (Brazil, Russia, India,
China and South Africa) outline fundamental consensus-based stances
on a wide range of issues and identify short-term development goals
for the five nations that would serve as a target for follow-up steps aimed
at strengthening strategic partnerships among our countries in various
The establishment of the New Development Bank (NDB) and the BRICS
Contingent Reserve Arrangement with the total capital of $200 billion is
a concrete example of this cooperation. I am convinced that, as the bank
gets stronger, its output will only increase, including by means
of projects that promote integration among the BRICS countries. The NDB
started its work in 2016, having approved the first projects in all five
countries. The priority at the current stage is renewable energy.
In Russia, this implies the construction of small 50 MW hydropower plants
in Karelia worth $100 million.
The participants in the BRICS Summit in Goa will look at the initial
results of implementing the Strategy for BRICS Economic Partnership adopted
in Ufa and finalize the draft of BRICS Roadmap for Trade, Economic
and Investment Cooperation until 2020. We will certainly discuss the issues
of project funding through the New Development Bank and of a full-fledged
launch of the BRICS Contingent Currency Reserve Pool.