Ufa summit: BRICS nations to chart out common economic strategy for trade

NEW DELHI: The BRICS grouping are expected to launch a Common Economic Strategy Document — for an easily trade framework for boosting intra-BRICS trade—during the seventh edition of their summit in Ufa, Russia, on July 9.

After the New Development Bank ( NDB), which will be operationalised at the Ufa summit, BRICS nations are hoping to release the 30-page strategy document, which will provide a “comprehensive framework for cooperation in trade and economic affairs,” according to official aware of the issue.

Sources said Russia is keen to have this document in place for the Ufa Summit. The document deals with issues ranging from trade facilitation and cooperation between small and medium-scale industries, to cooperation in agriculture, telecommunications, energy security, tourism and science and tech. They hinted that as Russia was very supportive of India’s initiative of launching NDB, it was Delhi’s turn to support Moscow’s initiative on the Economic Strategy Document.

The BRICS leaders would also try to synergise their views on the situation in Syria and Yemen, threats from the ISIS and continuing instability in Afghanistan. Both India and Russia have been worried with continuing scourge of terrorism in Afghanistan.