BRICS Summit: 4 documents inked to boost commercial ties among nations

In a bid to strengthen commercial ties, four documents including economic and trade cooperation, were signed by the BRICS countries on Monday.

Apart from the action agenda on economic and trade cooperation, the three other documents signed in the presence of leaders of Brazil-Russia-India-China-South Africa (BRICS) were action plan for innovation cooperation (2017-2020), strategic framework of BRICS customs cooperation and Memorandum of Understanding between the BRICS Business Council and the New Development Bank on Strategic Cooperation.

According to IMF's estimates, BRICS countries generated 22.53 per cent of the world GDP in 2015 and has contributed more than 50 per cent of the world economic growth during the last 10 years.

Assuring India's support, Prime Minister Narendra Modi, at the meeting with the BRICS business council said, "We will offer full support to your endeavours. And we also count on the BRICS Business Council to take us closer to our common objective of improving business and investment cooperation.

All these instruments were aimed at giving boost to trade ties within the five-nation grouping.

PTI