Next BRICS in India: PM

NEW DELHI: In 2012 the BRICS (Brazil, Russia, India, China and South Africa) summit will be held in India, Prime Minister Manmohan Singh announced today.

Prime Minister said, “I have invited the BRICS leaders to India for the next BRICS Summit in 2012, and I am happy that they have accepted my invitation.”

He told the media that the quality and durability of the global economic recovery process depends to a great measure on how the BRICS economies performed. “We have reason to be satisfied with the management of our economies, but there is no room for complacency. The developments in West Asia and North Africa and the aftermath of the huge tragedy that befell Japan have introduced fresh uncertainties in the global recovery process.”

PM said, India reaffirmed its commitment to a balanced and ambitious outcome to the Doha round of WTO negotiations. India would continue to engage with its partners to facilitate a rule-based multilateral trade regime which is fair, equitable and addresses the development agenda effectively, he added.

“Our economy is more open and more connected to the world than it has been in the past. Our financial and capital markets are sound, and eager to absorb foreign direct investment. We have put in place ambitious schemes for the social and infrastructure sectors which have begun to bear fruit,” said PM.
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