Strong economic cooperation required among BRICS nations: Modi

Zee Media Bureau

New Delhi: Prime Minister Narendra Modi on Friday said that a strong economic cooperation is required among the BRICS nations.

Speaking at BRICS Business Council in the Russian city of Ufa where the leaders of Brazil, Russia, India, China and South Africa will hold a two-day summit begining today, the PM said,“ We need to see our strengths and then cooperate on skill development”.

“We must strengthen BRICS Business Council with the leading nations around the world,” Modi further added.

The PM also highlighted the need of BRICS for the development of countries. He further said that BRICS Summit has had economic development as its vision. "Collectively, we have an 18 percent share in world trade," he added.

Modi also said that Contingency reserve arrangement can now be a reality.

Earlier in the day, Modi interacted with Indian business tycoons.

Modi will also stay in Ufa for the summit of the Shanghai Cooperation Organisation (SCO) to be held on Friday. India holds an observer status in this six-nation grouping of Russia, China, Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan.