For the first time the BRICS (Brazil, Russia, India, China, South Africa) countries have chosen its venue in South Africa for its summit. The fifth summit of BRICS began in Dublin on Tuesday.
The Prime Minister, Man Mohan Singh leading the Indian delegation consisting of Finance Minister, P Chidambaram, Commerce Minister, Anand Sharma and selected leaders of corporate India .
It is expected that the leaders of the major emerging economies are likely to recommend plans to establish a joint foreign exchange reserves pool and an infrastructure bank for developing countries next week. The fact was revealed on Thursday by the senior officials emerging market on Thursday.
Indian commerce minister, Anand Sharma highlighting the importance of the BRICS in revival of global economy said, "In the changes that are taking place in the world, our countries are making their statements. It is not only the strength of the resources- wealth, human resources, institutions’ strengths, but more importantly, we are proactively engaged with this process of rebalancing of the world economy."
On March 26 and 27, leaders from BRICS Brazil, Russia, India, China and South Africa, will meet in the coastal city of Durban to discuss reports prepared by working groups led by Brazil on the proposed reserves pool, and another by India and South Africa on the creation of a joint development bank, which would provide financing for infrastructure projects to emerging and developing economies. The emerging market nations want to get out of the clutches of the World Bank and International Monetary Fund.