NEW DELHI: India is approaching the issue of expanding the Brics (Brazil-Russia-India-China-South Africa) grouping with “a positive intent and an open mind”, foreign secretary Vinay Kwatra said on Monday ahead of the bloc’s summit in Johannesburg.
Speaking a day before Prime Minister Narendra Modi’s departure for South Africa, Kwatra appeared to squelch reports of Brics taking up the issue of a common currency by saying that discussions within the grouping on economic cooperation had focused on trading in national currencies.
Noting that a large number of countries have expressed interest in joining Brics, Kwatra told a media briefing that there is considerable interest in becoming part of the bloc to leverage opportunities for cooperation. “We have been very clear that we have a positive intent and an open mind when it comes to Brics expansion,” he said.
As Brics works on the principle of consensus, all member states “have to have full consensus on how they would want Brics expanded, what should be the guiding principles of that expansion [and] what would be the criteria for such an expansion”, Kwatra said.
The issue is currently being discussed by the sherpas or senior advisers of the leaders of Brics states and is expected to come up during the summit to be held in Johannesburg during August 22-24. Argentina, Iran, Saudi Arabia and the United Arab Emirates (UAE) have emerged as leading candidates to join Brics.
Replying to questions on Brics coming up with a common currency or a free trade agreement (FTA), Kwatra said the “substantive part” of discussions on economic cooperation have focused on increasing trade in national currencies. There are “several prerequisites before you can even talk of a common currency framework”, he added.
On the issue of trade settlement in rupees, Kwatra said initial shipments had commenced and been completed with the UAE, and India will soon bring out standard operating procedures (SOPs) and do an outreach to the business community to see how to leverage this.
Modi will leave for Johannesburg on Tuesday and participate in the Brics Business Forum leaders’ dialogue and the Brics leaders’ retreat soon after his arrival. The retreat will be a closed-door engagement with the agenda expected to include global developments and the role of Brics in addressing challenges.
The main summit meeting on August 23 will comprise two sessions – a closed plenary expected to focus on items related to intra-Brics cooperation, reform of the multilateral system and counter-terrorism, and an open plenary with the participation of organisations such as the New Development Bank (NDB) and Brics Business Council that will discuss global economic recovery amid geopolitical challenges, sustainable development goals (SDGs), and priorities of the Global South.
This will be the first in-person Brics summit after three years of virtual meetings and India sees the grouping as an important platform for global multipolarity that can help build a “fairer, inclusive and open international architecture,” Kwatra said.
On August 24, Modi will participate in the Brics-Africa outreach session and the Brics-plus dialogue. On August 25, Modi will make the first state visit to Greece by an Indian prime minister since 1983. Following a ceremonial welcome, he will visit the tomb of the unknown soldier and then hold restricted and delegation-level talks with Greek Prime Minister Kyriakos Mitsotakis.
Both leaders will also address a business meeting and Modi will interact with the Indian diaspora.
Kwatra said India perceives Greece as one of its important European partners and a gateway to the European Union (EU) market. Besides cooperation in defence and security, shipping and migration and mobility, the two sides are keen to expand and diversify trade and investment and cooperation in infrastructure and ship-building, he said.
