India to host BRICS summit in Goa on October 15-16

India will host of 8th BRICS summit in Goa on October 15-16. Prior to BRICS Summit in Goa, a trade fair and business council meetings will be held in the national capital from October 13. BRICS economies all set to hold their 8th summit at Goa. As part of reforming the global governance architecture which is yet to reflect the changing global scenario where the emerging economies are

playing a larger role and deepen the economic ties certain programmes are planned in the national capital too. They are 3-day BRICS trade fair from October 13; BRICS Business Forum and BRICS Business Council meetings on October 13 and 14.

It is the first ever BRICS trade fair. This major initiative was proposed Prime Minister Narendra Modi, last year during his address to the members of the BRICS Business Council at Ufa, Russia. 

Experts believe that there is a need felt for measures to be taken to deepen intra-BRICS economic engagement, trade and investment ties. 

The trade fair will showcase about 20 key sectors. These include aerospace, agro-processing, auto and auto components, chemicals, green energy and renewables, healthcare and pharmaceuticals, railways, textiles and apparel, infrastructure, IT, engineering goods, tourism, gems and jewellery and skill development.

Commerce Ministry says the BRICS Trade Fair will be a platform for respective BRICS countries to exhibit the state of the art technologies and advances made in industrial development.

On the other side, the BRICS business forum will see participation from over 1,000 business delegates from all BRICS countries. The council will hold focused seminars and workshops concurrent with the Trade Fair. 

Intra-BRICS trade increased to USD 297 billion in 2014 from USD 281.4 billion in 2012. Global merchandise exports and imports have gone up in the recent past and experts believe that this trend has to be strengthened as trade amongst BRICS nations is less than 5 per cent of their total global trade.