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Narendra Modi at BRICS: Modi invites Vladimir Putin to visit Kudankulam nuclear plant

Written By DNA Web Team | Updated: Jul 16, 2014, 12:30 PM IST

Prime Minister Narendra Modi in Brazil to attend a summit meeting of the BRICS nations that will address regional crises and security threats to restore a climate of peace while advancing global economic stability. Modi who arrived in Fortaleza, Brazil from Berlin, on Monday, 

Modi was invited by Brazilian President Dilma Rousseff to attend the Sixth BRICS Summit being held in from 15 to 16 July. The Prime Minister is accompanied by a high-level delegation that includes Minister of State for Finance Nirmala Sitharaman, National Security Adviser A K Doval, Foreign Secretary Sujatha Singh and Finance Secretary Arvind Mayaram.

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Latest Updates:

12:56 IST Wednesday, 16 July 2014

Prime Minister Narendra Modi meets Vladimir Putin; favours broadening of strategic partnership
Prime Minister Narendra Modi has favoured broadening of the special and privileged strategic partnership with Russia in nuclear, defence and energy sectors and invited President Vladimir Putin to visit Kudankulam atomic power project during his trip in December. The two leaders met for 40 minutes on the sidelines of the BRICS summit here late last night after their Monday meeting was deferred because of Putin's engagements in Brazil's capital Brasilia. "Talked about strengthening Russia-India ties in my meeting with President Putin. We value our friendship with Russia," Modi tweeted after his meeting with Putin as the Prime Minister. Read more

12:15 IST Wednesday, 16 July 2014

Narendra Modi pitches for zero tolerance towards terrorism
Prime Minister Narendra Modi has pitched for zero tolerance towards terrorism and called for efforts to curb it. Addressing the BRICS leaders, Modi said, "Terrorism is a threat that has assumed war-like proportions. It is in fact a proxy war aimed at innocent civilians. Due to different yardsticks the international community has not been able to combat terror effectively." Read more

8:50 IST Wednesday, 16 July 2014

Is this victory for India at BRICS Summit?
In a major victory for India, the BRICS Summit tonight decided to establish the new development bank with an initial authorised capital of USD 100 billion for which the initial subscribed capital will be equally shared by the founding members, a point New Delhi emphasised to prevent by domination by anyone of the members. The agreement on establishing the bank and a contingency reserve arrangement with an initial size of 100 billion dollars came at a Summit meeting of the five-nation grouping in which Prime Minister Narendra Modi launched his first multilateral engagement with global leaders. The bank will have an initial authorised capital of USD 100 billion. The initial subscribed capital shall be of USD 50 billion to be equally shared by the founding-members. China won the race for getting the bank's headquarters in Shanghai even as India also made a pitch for its location in New Delhi. India will be the first President of the bank while the first chair of the Board of Governors will be from Russia. Read more

21:36 IST Wednesday, 15 July 2014

Narendra Modi pitches for rule-based, international trading regime  at BRICS summit
Prime Minister Narendra Modi on Tuesday favoured an open, rule-based, international trading regime which is critical for global economic growth and said the BRICS nations should ensure that the new development bank and contingent reserve arrangement should establish a new model.

Addressing the opening session of the sixth BRICS summit in Brazil, he said the new trading regime must address aspirations of developing world and accommodate the need of the most vulnerable sections of society especially in areas such as food security.Read more

Divergent views in BRICS, a motivating factor: Xi Jinping
Chinese President Xi Jinping today said the diversity of the five BRICS countries with their divergent views should be a motivating factor instead of impeding its growth, as he called for new dynamism and cooperation in the grouping. Read more

Narendra Modi to press for equal shareholding in proposed BRICS bank
Prime Minister Narendra Modi will launch his first multilateral engagement in this seaside city of Brazil, meeting Russian President Vladimir Putin and Chinese President Xi Jinping ahead of tomorrow's BRICS Summit at which India will press for equal shareholding for its five member countries in the proposed USD 50 billion BRICS Development Bank so that no shareholder dominates. Read more 

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14:17 IST Tuesday, 15 July 2014

BRICS nations commit to refrain from protectionist measures
BRICS nations, including India, today expressed commitment to refrain from taking any protectionist measures and improve policy coordination to enhance trade and investment. "They (BRICS trade ministers) reaffirmed their commitment to refrain from trade protectionist measures that are incompatible with WTO obligations, while respecting the special and differential treatment for developing countries," said a joint communique on the eve of the sixth BRICS Summit. Read more

9:43 IST Tuesday, 15 July 2014

When India and China meet the world watches us, says China's Xi Jinping on meeting Narendra Modi at BRICS
In a significant development, China invited India to attend a summit of Asia and Pacific (APEC) leaders as Prime Minister Narendra Modi met President Xi Jin Ping on Tuesday and discussed various issues including the need to resolve the boundary question in an amicable manner. The two leaders, who arrived almost at the same time in Fortaleza on Monday evening to attend the BRICS summit, engaged shortly thereafter for what was described as "good discussions and good meeting". Read more 

ALSO READ: What is the BRICS Summit and why is it important

9:21 IST Tuesday, 15 July 2014

BRICS sees Bali trade deal implemented despite India concern
The BRICS group of emerging market nations is confident a global trade reform pact will be implemented despite concerns by India over its food security, Brazil's trade minister said on Monday. "We are confident that the Bali agreement will be implemented by all," Brazilian Trade Minister Mauro Borges told reporters are the end of a ministerial meeting ahead of the BRICS annual summit. The deal struck in December in Bali to lower trade barriers was the World Trade Organization's first global agreement since it was created in 1995 and revived global talks after the failure of the Doha round. Read more 

9:25 IST Tuesday, 14 July 2014

Narendra Modi to press for equal shareholding in proposed BRICS bank
Prime Minister Narendra Modi will launch his first multilateral engagement in this seaside city of Brazil, meeting Russian President Vladimir Putin and Chinese President Xi Jinping ahead of tomorrow's BRICS Summit at which India will press for equal shareholding for its five member countries in the proposed USD 50 billion BRICS Development Bank so that no shareholder dominates. Read more

Indian Interest in BRICS
India would like it to be called the New Development Bank, an expression used by Modi in his departure statement. "I also look forward to our discussions to further advance intra-BRICS economic cooperation and our collective efforts to advance global economic stability and prosperity. In particular, I look forward to the successful conclusion of major BRICS initiatives like the New Development Bank and the Contingent Reserve Arrangement, which have seen significant progress since their launch in New Delhi in 2012," Modi said in the statement. "These initiatives will support growth and stability in BRICS and also benefit other developing countries," he said.

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Bilateral Meetings with Vladimir Putin and Xi Jinping
During his meetings with Chinese and Russian presidents, bilateral issues may also come up but no big ticket items are likely to be decided since it would be a get to know meeting. Both Xi and Putin are likely to visit India in September and November-December respectively this year. While with Xi it will be Modi's first meeting, he has already met Putin on earlier occasions. With China, Modi may discuss the need for maintaining peace and tranquility along the border so that bilateral problems can be resolved in an amicable manner. Bilateral trade will also come up for discussion with the Chinese leader and India is keen that the present imbalance in trade should be resolved. Modi is also keen on Chinese investment in India. 

ALSO READ
Building BRICS: Can Narendra Modi and company bank on the new system?
O Mil Deus! as they say in Portuguese here in Forteleza. Oh my God! Yes, these may be 'baby steps' but what prime minister Modi will try to do is shake up the world system. It's a long journey ahead, but the dream is as big as big can be. Whether Modi can achieve it depends on a billion-plus fellow Indians and our friends in BRICS nations who constitute 40% of the world's population. The US and Europe watch with certain fear and sufficient, and perhaps justified, cynicism at this 'ragtag group' which right now looks like a heap of bricks rather than the fortress that BRICS nations hope to finally build. Read more

The problem with BRICS - dominance of China in the alliance has made other member nations wary of it
Narendra Modi is in Brazil for the annual BRICS Summit in Fortaleza and Brasilia, his first foray into multilateral diplomacy. He will rub shoulder with leaders of the “emerging” powers who want to reshape the contours of global balance of power. Representing around 40 per cent of the world’s population and nearly a quarter of its economic output, Brazil, Russia, India, China and South Africa — the so-called BRICS countries — have not been shy about showing off their newfound global heft. BRICS does offer promise of clout. The economic profile of the BRICS, especially that of China, has continued to grow with suggestions that BRICS collectively could become bigger than the US by 2018 and by 2050 could even surpass the combined economies of G7 States. Yet, a major challenge for ongoing influence from the BRICS is China’s dominance over the other four members. For all its promise, it has remained a talk shop aspiring for greatness. Read more